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SBA Disaster Loan Deadline Set

Written by Ken Gaebler
Published: 12/30/2009

The deadline for SBA disaster relief loans to small businesses is fast approaching.

The recession has been causing financial difficulty for many small business owners, making it easy to forget that some entrepreneurs have also been hit hard by natural disasters this year. It may be good news for small business owners with companies that experienced physical damage that the SBA has not forgotten them.

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The Small Business Administration is offering disaster loans of up to $2 million to organizations to repair damage to real estate, machinery, inventory and equipment. The loans come with interest rates as low as 4 percent.

Additionally, small businesses can apply for the Small Business Administration's economic injury disaster loan regardless of whether their business suffered any property damage; these funds will be awarded to small businesses to meet working capital needs caused by the disaster.

The SBA reminds SMB owners that the deadline to apply for loans for physical damage is January 25, 2010. SBA officials hope that the funds will factor into stabilizing employment and local economies by protecting jobs.

In the current economy, stabilizing jobs created by SMBs is more important than ever. The United States Department of Labor reports that the American unemployment rate is at 10 percent, a 26-year high.

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