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Economic injury loans available to small businesses

October 22, 2001|STAFF REPORT

The U.S. Small Business Administration is offering economic injury disaster loans to small businesses across the country.

Small businesses may apply for a loan up to $1.5 million if they have suffered substantial economic injury in the aftermath of last month's terrorist attacks. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid if the disaster had not occurred.

The interest rates of these loans are 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury, the term of each loan and payment amount based on the financial circumstances of each borrower.

For a complete fact sheet on EIDL visit www.elcentrochamber.com and click on the members only section. The user name and password is executive.

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