SBA Approves Missouri disaster declaration

JEFFERSON CITY, Mo -- The U.S. Small Business Administration (SBA) has approved Missouri's request for assistance through the agency's disaster loan program.

The disaster declaration approval, announced Saturday by the Missouri Department of Economic Development, makes low interest disaster loans available to small businesses and private not-for-profits that have been or will be adversely impacted by the COVID-19 pandemic.

The SBA's Economic Injury Disaster Loan program offers up to $2 million in assistance for each affected small business or not-for-profit and "can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing," according to a statement released by the Department of Economic Development.

Loan applicants can apply online, download application documents and obtain additional information online at www.disasterloan.sba.gov/ela. Additional information is also available by calling the SBA's Customer Service Center, (800) 659-2955, or by emailing disastercustomerservice@sba.gov.

Completed applications should be mailed to UK.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Loan eligibility will be based on the financial impact caused by coronavirus. The interest rate is 3.75% for small businesses and 2.75% for private not-for-profits organizations.

Loan repayment plans can be extended to a maximum of 30 years. The deadline to apply for a COVID-19 economic injury disaster loan is Dec. 21, 2020.

Additional information is available at www.SBA.gov/disaster.