Small, non-farm business owners in Grand and San Juan counties are eligible to apply for financial assistance because of losses stemming from the drop in farm income due to freezing temperatures last April, according to Stan Nakano, director of Utah's Small Business Administration office.
Nakano said small, non-farm businesses, including "Main Street" businesses and small agricultural cooperatives, that suffered economic injury as a result of the reduced revenues to fruit growers because of the freeze can apply for economic injury disaster loans.All applicants must demonstrate substantial economic injury and must be unable to offset the injury through use of their own credit and personal resources.
Eligible applicants may qualify for working capital loans of up to $500,000 to meet financial obligations that would have been met if not for the disaster. Loan terms are based on the applicant's ability to repay the loan for up to 30 years with a 4 percent interest rate.
Enterprises primarily engaged in farming or ranching are ineligible under this designation.
Interested small business owners may obtain program information and loan application forms by writing to SBA, P.O. Box 13795, Sacramento, CA 95853-4795, or by calling toll-free 1-800-468-1710.