Lancaster is one of eight counties in which economic injury disaster loans from the U.S. Small Business Administration are now being offered because of the severe winter storms that occurred between Feb. 3-28.
The SBA made the loans available after a disaster declaration request March 27 from Gov. Tom Corbett for Chester and Montgomery counties. SBA regulations also will make loans available to the adjacent counties of Berks, Bucks, Delaware, Lancaster, Lehigh and Philadelphia.
The loans of up to $2 million are for small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofits. Rates are 4 percent for small businesses and 2.625 percent for nonprofits, with terms up to 30 years. The SBA determines eligibility based on the size and type of business and its financial resources.
Applicants may apply online at https://disasterloan.sba.gov/ela, download an application at www.sba.gov/disaster or request one by calling 800-659-2955 or emailing email@example.com. Deadline is Jan. 2, 2015.