Wisconsin Ag Connection - Deadline to Apply for SBA Working Capital Loans is March 1

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Deadline to Apply for SBA Working Capital Loans is March 1
Wisconsin Ag Connection - 02/06/2013

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that March 1 is the filing deadline for federal economic injury disaster loans available in Florence, Forest, Marinette and Vilas counties in Wisconsin as a result of the blizzards, excessive snow, excessive heat, excessive rain, high winds, hail, freeze, frost, tornadoes, flooding and lightning that occurred in early 2012.

"These counties are eligible because they are contiguous to one or more primary counties in Michigan. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.

Secretary of Agriculture Tom Vilsack issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster. 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. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loan amount can be up to $2 million with a four percent interest rate for eligible small businesses and three percent for non-profit 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.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955.

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