Management & Operations

Deadline for small business loan extended

Posted on January 21, 2002

The deadline to file for The U.S. Small Business Administration's (SBA) Economic Injury Disaster Loans (EIDLs) was extended to April 22, 2002. The original deadline was today. "With this deadline extension, more small business owners can get the help they need to get back on their feet," said SBA Administrator Hector V. Barreto. "America's economic well-being relies on the health of small business, and this program will contribute greatly to the economy's revival." The EIDLs are available to eligible small businesses that suffered substantial economic injury as a direct result of the September terrorist attacks or a federal action taken as a result of the attacks. EIDLs provide eligible small businesses with the working capital needed to pay ordinary and necessary operating expenses that they would have been able to pay had the disaster not occurred. Expenses include fixed debts, payroll, accounts payable and other bills. Small businesses may apply for a working capital loan of up to $1.5 million. The interest rate on the loans is 4%, with a maximum term of 30 years. The SBA determines the amount of economic injury, the term of each loan and the payment amount, based on the financial circumstances of each borrower. Businesses interested in applying for a loan can contact one of the four SBA disaster offices to obtain an application. Offices are located in New York, Georgia, Texas and California. Since the expanded EIDL program began on October 22, the SBA has approved $94 million in loans to small businesses nationwide. Since September 11, the SBA has made $233 million in loans in the disaster areas surrounding New York City and Virginia. For more on the EIDL, click on www.sba.gov/disaster.

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