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Utah Small Companies Reminded of July 2 Deadline to Apply for SBA Working Capital Loans

The Small Enterprise Administration (SBA) is reminding Utah small companies of the July 2 deadline to use for federal catastrophe loans to assist meet working capital wants brought on by extreme thunderstorms and flooding in Salt Lake County. Francisco Sánchez Jr., affiliate administrator for the Workplace of Catastrophe Restoration and Resilience on the SBA, emphasised that small nonfarm companies, small agricultural cooperatives, small companies engaged in aquaculture, and most non-public nonprofit organizations of any measurement are eligible to use for Financial Damage Catastrophe Loans.

These low-interest federal catastrophe loans can present as much as $2 million to assist small companies pay mounted money owed, payroll, accounts payable, and different payments that can not be paid as a result of catastrophe’s influence. Financial damage help is out there no matter whether or not the applicant suffered any property harm.

“Financial Damage Catastrophe Loans could also be used to pay mounted money owed, payroll, accounts payable and different payments that can not be paid due to the catastrophe’s influence. Financial damage help is out there no matter whether or not the applicant suffered any property harm,” Sánchez stated.

The affected counties in Utah embody Davis, Morgan, Salt Lake, Summit, Tooele, and Wasatch. The SBA is providing loans with rates of interest as little as 4 p.c for companies and a pair of.375 p.c for personal nonprofit organizations. Mortgage phrases may be as much as 30 years, and curiosity doesn’t start to accrue till 12 months from the date of the primary catastrophe mortgage disbursement. SBA catastrophe mortgage reimbursement begins 12 months from the date of the primary disbursement.

Candidates can apply on-line at SBA.gov/catastrophe or name the SBA’s Buyer Service Heart at (800) 659-2955 or e-mail disastercustomerservice@sba.gov for extra data on SBA catastrophe help. For individuals who are deaf, laborious of listening to, or have a speech incapacity, the SBA provides telecommunications relay companies by dialing 7-1-1.

Picture: Envato

This text, “Utah Small Businesses Reminded of July 2 Deadline to Apply for SBA Working Capital Loans” was first revealed on Small Business Trends