background_fid.png
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Business and the Economy
Covering state lawmakers, bills, and policy emerging from Jefferson City.

Low Interest Federal Disaster Loans Now Available for Nonfarm Businesses in MO

Flooding-4-miles-w-of-Ava-at-noon-06-18-2015-Debbie-Wray.jpg
MissouriNet
/

Small, nonfarm businesses in 112 Missouri counties are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration (SBA). These loans are designed to offset economic losses from heavy rainfall and flooding that began March 1, 2015.  On August 7, President Obama approved Gov. Nixon’s request for a major disaster declaration, which allowed local governments and eligible nonprofit agencies to seek assistance for response and recovery expenses associated with the severe weather and flooding. Missouri also received a USDA disaster designation making farmers impacted by severe weather eligible for low-interest loans and other assistance.

Missouri Governor Jay Nixon says, “the significant weather-related losses suffered by farmers this year had a harmful impact on many small businesses as well.”

Assistance is available for businesses in these southern and central Missouri counties:  Barry, Barton, Camden, Cedar, Christian, Dade, Dallas, Douglas, Greene, Jasper, Laclede, Lawrence, McDonald, Newton, Polk, Pulaski, Stone, Texas, Vernon, Webster and Wright. 

According to a news release from Nixon’s office, “the eligibility for Economic Injury Disaster Loans (EIDLS) includes both businesses dependent on farmers and ranchers who have suffered agricultural production losses caused by the disaster as well as businesses directly affected by the disaster.  Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for EIDLs of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.”

By law, SBA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster on August 26, 2015.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.