Some Treasure Valley businesses may qualify for spring freeze disaster loan

newsroom@idahostatesman.comAugust 26, 2013 

Small, non-farm businesses in eight Idaho counties — Gem, Ada, Adams, Boise, Canyon, Payette, Valley and Washington counties — can now apply for low-interest federal disaster loans of up to $2 million from the U.S. Small Business Administration.

The loans offset economic losses because of reduced revenues caused by freezing temperatures that occurred April 14 through May 24.

The deadline to apply is April 21, 2014.

The program "covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and [on] businesses directly impacted by the disaster," said Alfred E. Judd, director of SBA's Disaster Field Operations Center-West.

Eligible businesses include small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size. The interest rate for businesses is 4 percent. For private nonprofits, the interest rate is 2.875 percent. The loans carry a maximum term of 30 years.

The loans are intended to help meet financial obligations and operating expenses that could have been met if the freeze hadn't happened. The loans are not based on property damage, Judd said. By law, the administration makes the loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Gov. Butch Otter.

Businesses primarily engaged in farming or ranching are not eligible for the loans.

Visit https://disasterloan.sba.gov/ela, call (800) 659-2955 or email disastercustomerservice@sba.gov to apply for a loan. People who are deaf or hard‑of‑hearing can call (800) 877-8339.

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