SBA Deadline for Low-Interest Loans Coming Soon!

The United States Small Business Administration issued the following press release on Wednesday. If your business suffered significant economic loss as a result of the environmental disasters from last fall’s tropical storms, this may be of interest to you.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the June 13 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.

Economic Injury Disaster Loans (EIDLs) up to $2 million are available at 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, disaster survivors need to apply by the deadline.

These EIDLs are available to small businesses and most private non-profit organizations in the following counties: Albany, Broome, Chemung, Chenango, Columbia, Cortland, Delaware, Dutchess, Fulton, Greene, Hamilton, Herkimer, Lewis, Madison, Montgomery, Oneida, Orange, Oswego, Otsego, Putnam, Rockland, Saint Lawrence, Saratoga, Schenectady, Schoharie, Schuyler, Steuben, Sullivan, Tioga, Tompkins, Ulster and Westchester in New York; Passaic and Sussex in New Jersey; and Bradford, Pike, Susquehanna, Tioga and Wayne in the Commonwealth of Pennsylvania.

To obtain disaster loan information and application forms, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov. Loan application forms can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Those affected by the disaster may also apply for disaster loans electronically from the SBA’s website at https://disasterloan.sba.gov/ela/.

The deadline for economic injury applications is June 13, 2012.

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About Mike Durant

Mike Durant was named New York State Director of NFIB in May 2011. Prior to joining NFIB as the Assistant State Director in May 2010, Durant began his career in the New York Senate working in the Office of Member Services. From there, he served in a number of positions during former New York Governor George E. Pataki’s administration. As a Research Specialist in the New York State Office of Demographic Policy, Mike was responsible for drafting a redistricting proposal for Governor Pataki. In addition, Mike served as a Research Specialist for the Empire State Development Corporation, as well as the Associate Commissioner of Human Resource Management with the New York Department of Labor. Durant also spent four years working at the Questar III BOCES as a specialist focusing on the complex formulas that drive aid to school districts across the state while also taking a lead role in the state legislative/budget process as it related to education policy. These past positions have given Mike a deep understanding of the complex political economics of the State of New York. Active in the community, Durant has served on a number of boards in both the village of Ballston Spa and Town of Milton. Durant received his bachelor’s degree from Siena College in Loudonville, New York and resides in Ballston Spa with his wife and two children.

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