Small, nonfarm businesses in Grayson and Fannin counties are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

According to A. E. Judd, Director of SBA’s Disaster Field Operations Center-West, “These loans offset economic losses because of reduced revenues caused by drought, excessive heat, high winds and wildfires that occurred in 40 primary Texas counties beginning January 1, 2011.”

SBA Disaster Loans carry an interest rate of 4% for businesses and 3% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship. Additional details are contained in the attached disaster declaration.

If you plan to apply for the loan, please contact us immediately. The SBA must be in receipt of the completed application by the September 4, 2012 deadline. Small business owners who believe they are eligible can contact the Grayson Small Business Development Center (SBDC) for more information or for assistance in submitting the loan application. Contact the SBDC at 903-463-8787 or e-mail jeffcoatsh@grayson.edu.