SBA offers disaster loans for small businesses hit by Milli, Nash fires
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Milli and Nash fires that occurred Aug 10 – Sept. 25, SBA Administrator Linda McMahon announced Monday.
SBA said it acted under its own authority to declare a disaster following a request received from Gov. Kate Brown on Nov. 13.
The disaster declaration makes SBA assistance available in Crook, Deschutes, Harney, Jefferson, Klamath, Lake, Lane, Linn, Marion, Wasco and Wheeler counties.
The Milli Fire that broke out Aug. 11 nine miles west of Sisters in the Three Sisters Wilderness of the Deschutes National Forest was declared contained on Sept. 24, having burned 24,079 acres.
The Nash Fire that broke out Aug. 10 on the southwest slope of South Sister in the Willamette National Forest, six miles north of Elk Lake, burned 6,738 acres, officials said.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Oregon small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of this disaster,” McMahon said.
“Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit 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,” said Director Tanya Garfield of SBA’s Disaster Field Operations Center-West.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Garfield added.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.305 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
The Central Oregon Community College’s Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact the SBDC at (541) 383-7290 to schedule an appointment or visit the office, Mondays through Fridays from 9 a.m. to 5 p.m., at 1027 NW Trenton Ave., Bend, OR 97703.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov (link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is Aug. 16, 2018.
