On August 30, 2017, the U.S. Small Business Administration declared Inyo County a contiguous county eligible to receive low interest Economic Injury Disaster Loans (EIDL’s), as a result of economic impacts caused by flooding due to extreme snow melt that occurred June 17-29, 2017.
SBA Economic Injury Disaster Loans Small non-farm businesses, small agriculture cooperatives and most private non-profit organizations are eligible. Substantial economic injury means the business is unable to meets its obligations and to pay its ordinary and necessary operating expenses.
EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
The loan amount will be based on the financial impact of the disaster only and not any actual property damage. The interest rate on EIDLs will not exceed 4% per year. The term of the loan is up to 30 years.
The repayment will be determined by each businesses ability to repay the loan. The deadline to apply for these loans is May 30, 2018. Applicants may apply online using the Electronic Loan Application via SBA’s secure web site at http://disasterloan.sba.gov/
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing [email protected]
For additional information contact Kelley Williams in the Inyo County Administration-Emergency Services Office (760) 878-0292.