Loans up to $2 million available for Georgia small businesses - CBS46 News

Loans up to $2 million available for Georgia small businesses

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Small businesses in Georgia who suffered economic hardship due to the battering of Hurricane Irma on Sept. 10-12 can apply for Economic Injury Disaster loans for up to two million dollars.

The loans are available through the United States Small Business Administration for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organization in counties throughout the state.

"When the Secretary of Agriculture 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," said Frank Skaggs, director of SBA's Field Operations Center East, in  a press release.

Applications must be submitted no later than July 13, 2018.

Businesses must have endured financial loss due to the hurricane.

SBA will determine eligibility based on the size of the applicant, type of activity and its financial resources.

The loan amount is up to two million dollars with interest rates of 2.5 percent for private nonprofit organizations of all sizes, and 3.305 percent for small businesses with terms up to 30 years.

Loans can be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid has the disaster not occurred. Loans are not intended to replace lost sales or profits.

Eligible Counties: Appling, Atkinson, Bacon, Baker, Baldwinm Ben Hill, Berrien, Bibb, Bleckley, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Calhoun, Camden, Candler, Charlton, Chatham, Chattahoochee, Clay, Clayton, Clinch, Coffee, Colquitt, Cook, Coweta, Crawford, Crisp, Decatur, Dodge, Dooly, Dougherty, Early, Echols, Effingham, Emanuel, Evans, Fayette, Glascock, Glynn, Grady, Greene, Hancock, Henry, Houston, Irwin, Jasper, Jeff Davis, Jefferson, Jenkins, Johnson, Jones, Lamar, Lanier, Laurens, Lee, Liberty, Long, Lowndes, Macon, Marion, McDuffie, McIntosh, Meriwether, Miller, Mitchell, Monroe, Montgomery, Morgan, Newton, Peach, Pierce, Pike, Pulaski, Putnam, Quitman, Randolph, Richmond, Schley, Screven, Seminole, Spalding, Stewart, Sumter, Talbot, Taliaferro, Tattnall, Taylor, Telfair, Thomas, Tift, Toombs, Treutlen, Turner, Twiggs, Upson, Ware, Warren, Washington, Wayne, Webster, Wheeler, Wilcox, Wilkinson and Worth. 

Business owners can learn more about the loans here.

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