Sacramento, CA– Small, non-farm businesses in Tuolumne County are now eligible to apply for low-interest disaster loans from the U.S Small Business Administration.
“These loans offset economic losses because of reduced revenues caused by heavy snow and freezing temperatures that occurred in Tuolumne County from November 20th through November 24th, 2010,” announced Alfred E. Judd, Director of SBA’s Disaster Field Operation Center-West.
Small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Judd says eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 3% for private, non-profit organizations, a maximum term of 30 years, and are available to small businesses and most private, non-profits without the financial ability to offset the adverse impact without hardship.