Loans available to businesses impacted by Rice Ridge Fire
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Rice Ridge Fire that occurred July 24 to Oct. 20, SBA Administrator Linda McMahon announced Thursday.
SBA acted under its own authority to declare a disaster following a request received from Gov. Steve Bullock on Dec. 7.
The disaster declaration makes assistance available in Flathead, Granite, Lake, Mineral, Missoula, Powell, Ravalli and Sanders counties in Montana; and Clearwater and Idaho counties in Idaho.
“Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations 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,” said Tanya Garfield, director of SBA’s Disaster Field Operations Center-West.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Garfield added.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.305 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
The Missoula County Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact the SBDC at University of Montana, 32 Campus Drive, Missoula, MT 59812 or call 406-243-4770 to schedule an appointment.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is Sept. 11, 2018.