The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations that Tuesday, October 23 is the filing deadline for federal economic injury disaster loans in Clinton, Allen, Bell, Christian, Cumberland, Logan, McCreary, Monroe, Simpson, Todd, Wayne and Whitley counties as a result of the drought that began on November 15, 2016.

“These counties are eligible because they are contiguous to one or more primary counties in Tennessee. 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.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non-farm 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. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loans are for working capital and can be up to $2 million with interest rates of 3.125 percent for eligible small businesses and 2.5 percent for non-profit organizations, and 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 by using the Electronic Loan Application (ELA) via SBA’s secure website at http://disasterloan.sba.gov/ela.

Disaster loan information and applications 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 www.sba.gov/disaster.