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  • SBA Working Capital Loan deadline approaching in New Hampshire for drought that began in May 2020

     

    The U.S. Small Business Administration (SBA) is reminding small businesses, small  agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit  organizations in New Hampshire that July 26 is the filing deadline for federal economic injury disaster  loans due to drought that began on May 26, 2020. 

    The loans are available in the counties of Belknap, Carroll, Cheshire, Coos, Grafton, Hillsborough,  Merrimack and Sullivan in New Hampshire

    Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible  farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers,  farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses  caused by drought conditions.  

    The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75  percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility  based on the size of the applicant, type of activity, and its financial resources. Loan amounts and terms  are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid  had the disaster not occurred. The loans are not intended to replace lost sales or profits. 

    Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at  DisasterLoan@sba.gov and should apply under SBA declaration # 16792, not for the COVID-19 incident.  

    Disaster loan information and application forms may also be obtained by calling the SBA’s Customer  Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email  to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at  sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration,  Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.  

    Submit completed loan applications to SBA no later than July 26, 2021