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Urgent Reminder on Drought Relief Loans for Pennsylvania Business Owners
The U.S. Small Business Administration (SBA) is calling upon small businesses and private nonprofit organizations in Pennsylvania and West Virginia to take immediate action in light of the upcoming June 2, 2025, deadline for federal disaster loans. These loans are meant to assist those who faced financial setbacks from the severe drought that started on September 24, 2024. Specifically, this assistance targets Greene, Fayette, and Washington counties in Pennsylvania along with Marshall, Monongalia, and Wetzel counties in West Virginia.
Understanding Available Federal Assistance
Eligible entities include small businesses, small agricultural cooperatives, aquaculture businesses, and private nonprofits. "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," explained Chris Stallings from the SBA. Notably, applicants are able to secure Economic Injury Disaster Loans (EIDL) which can cover financial obligations and operating expenses, even if there was no physical damage resulted from the drought.
Loan Application Details and Benefits
These loans can reach up to $2 million, offering interest rates as low as 4% for small businesses and 3.25% for nonprofits. Additionally, terms can extend up to 30 years, allowing flexibility for repayment. Importantly, borrowers won’t need to make any payments and interest will not accrue for the first year post-disbursement. This reflects the SBA's commitment to provide manageable solutions during difficult times.
Who Is Excluded?
While this program is a valuable resource for many, it is crucial to note that agricultural producers, farmers, or ranchers (aside from small aquaculture firms) are not eligible for these loans under the current declaration. This exclusion is significant for many within the agricultural sector as they face unique challenges following such disasters.
How to Apply
Business owners interested in applying can do so online at sba.gov/disaster or by contacting the SBA’s Customer Service Center directly at (800) 659-2955 for assistance. Those dealing with hearing disabilities can access services through telecommunications relay services at 7-1-1.
Final Call to Action
Completed applications must be submitted no later than June 2, 2025. This is a vital opportunity for affected businesses to regain stability. If you are eligible, do not delay in applying for this critical financial assistance!
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