The Small Business Administration, in an agreement with the U.S. Department of Agriculture, provides Economic Injury Disaster Loans to eligible small businesses dependent on farmers and ranchers in counties that have received a disaster declaration from the Secretary of Agriculture.

Governor Perry’s office has received from the U.S. Secretary of Agriculture, notice that Fannin County has been designated eligible to apply for low-interest emergency disaster loans due to the combined effects of drought, wildfires, excessive heat, excessive rain, flooding, tornadoes, lightning, high winds, hail, blizzards and freezes that began January 1, 2011.

The Secretary has notified the Administrator of the Farm Service Agency to immediately make emergency loans available to eligible applicants.  A Secretarial disaster designation makes farm operators in both primary and contiguous counties eligible to be considered for assistance from the Farm Service Agency, provided eligibility requirements are met.  This assistance includes Farm Service Agency emergency loans and the Supplemental Revenue Assistance Payments Program. 

Farmers in eligible counties have 8 months from the date of a Secretarial disaster declaration to apply for emergency loan assistance.  Farm Service Agency will consider each emergency loan application on its own merits, taking into account the extent of production losses, security available, and repayment ability.  Supplemental Revenue Assistance Payments Program applications for 2011 crop losses will be accepted in 2012, when the 2011 farm revenue data required by statute becomes available. 

Your local Farm Service Agency office will have the details on this program.

In addition, the Small Business Administration eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster.

Small, non-farm businesses, small agricultural cooperatives, small business engaged in aquaculture and most private, nonprofit organization 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.

Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage.  These loans have 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, non-profits without the financial ability to offset the adverse impact without hardship.

Businesses primarily engaged in farming or ranching are not eligible for Small Business Administration disaster assistance.  Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.  However, in drought disasters nurseries are eligible for Small Business Administration disaster assistance.

Applicants may apply online using the Electronic Loan Application via Small Business Administration’s secure Web site at https://disasterloan.sba.gov/ela

Disaster loan information and application forms are also available from Small Business Administration’s Customer Service Center by calling toll-free at 800-659-2955, e-mailing disastercustomerservice@sba.gov. or visiting Small Business Administration’s Web site at www.sba.gov/service/disasterassistance. 

Hearing impaired individuals may call 800-877-8339.