Flood loan deadline approaches
Thu, 15 Apr 2010 13:34:55 GMT —
A federal agency is reminding small businesses in Illinois that May 10 is the filing deadline for economic-injury disaster loans in nearly 100 counties in the wake of flooding last year.
The money comes from the U.S. Small Business Administration.
Both farm and non-farming businesses that suffered financial losses as a direct result of the flooding are eligible.
The loan amount can be up to $2 million with a 4 percent interest rate.
The agency determines eligibility based on the size of the applicant, type of activity and its financial resources.
The loans may be used to pay fixed debts, payroll and other bills that could have been paid had the disaster not occurred.
They aren't meant to replace lost sales or profits.