November 12, 2021 10:20 a.m. 

The deadline is approaching for small businesses in seven Oregon counties to apply for a Small Business Administration federal disaster loan for economic injury, due to drought.

An SBA release said the low-interest loans are to offset economic losses because of reduced revenues, due to the situation which officially began on February 15th. The primary impacted county was Douglas. Neighboring counties include Coos, Curry, Jackson, Josephine, Klamath and Lane.

Director Tanya Garfield of the SBA’s Disaster Field Operations Center-West, said small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, may apply for loans of up to $2 million. This is to help meet working capital needs caused by the disaster. Garfield said the loans may be used to pay for fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster’s impact.

The release said the interest rate is 3 percent for businesses and 2 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SVA and are based on each applicant’s financial condition.

The deadline to apply for a loan through this program is December 13th. To apply or get more information, go to: https://disasterloanassistance.sba.gov/ela/s/