SBA offers disaster loans

Disaster loans through the Small Business Administration are available to some residents of Flathead, Lake and Sanders counties stemming from economic injury suffered as a result of severe storms and flooding in Montana.

Montana counties contiguous to counties that already have been declared disaster areas this year fall under the guidelines of the SBA economic injury program.

Economic injury disaster loans are designed to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations, according to Bill Koontz, public information officer at the SBA’s Sacramento office.

The loans are to help those entities “meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster,” an SBA fact sheet states.

The loans are available only to entities and owners who cannot provide for their own recovery from non-government sources. Businesses and small agricultural cooperatives are eligible to borrow money at 4 percent interest; the rate assessed nonprofit organizations is 3 percent. The maximum loan amount is $2 million.

For more information, people may call the SBA at 800-659-2955 or check the SBA website at www.sba.gov.