Help for Small Businesses in Sussex County Harmed by Tornadoes

GEORGETOWN, DE – Sussex County small businesses and agricultural cooperatives that suffered from lost revenue from the tornadoes that hit Delmarva late last month may be eligible for assistance, Senator Tom Carper announced today. The Unites States Small Business Association (SBA) is offering low interest loans to eligible small businesses that experienced an interruption in profits as a result of the storms. Applications must be filed by February 3rd, 2003. “The tornadoes that hit Maryland were disastrous. Communities throughout the region were awash with destruction,” said Senator Carper. “This assistance could help some of Delmarva’s small business owners stay afloat.” Economic injury loans are working capital loans available to small businesses unable to pay bills or meet operating expenses because of a designated disaster. SBA disaster loans only cover uninsured and underinsured disaster losses. Eligible businesses must be unable to obtain credit elsewhere. Interest rates are as low as 3.375% with loan terms of up to 30 years. Terms are decided upon the borrowers ability to repay the loan. Flood victims may obtain loan applications and more detailed information regarding SBA disaster loan programs by calling SBA’s toll free telephone number at 800-659-2955 or visiting http://www.sba.gov.