SBA Extends Oil Spill Loans to More States
In addition to Louisiana, the SBA said it is making economic injury loans available to small businesses near the Gulf of Mexico in Alabama, Mississippi and Florida impacted by the Deepwater BP oil spill.
The loans cover several counties in each of the states. The agency's Economic Injury Disaster Loans are available up to $2 million at an interest rate of 4% with terms up to 30 years. The SBA has encouraged credit unions and other 7(a) lenders and certified development companies to consider on a case-by-case basis deferment relief for borrowers with 7(a) loans and 504 loans.
The SBA said within the next few days, it will announce the location of several business recovery centers staffed with the agency's customer service representatives to help small business owners fill out applications and answer their questions.