SBA Financial Assistance Now Available for Ice Storm Impacts
UPDATE: FEBRUARY 15, 2024
Following up on our notice last week about the SBA assistance available for businesses impacted by the ice storm, there will be business resource centers open starting next week, at various locations around the county, and staffed by the Small Business Administration to directly assist business owners with questions and completing their applications for financial assistance.
Details about the Lane County locations and the virtual resource center are below.
SPRINGFIELD
Springfield Public Library Meeting Room
Wednesday, February 21 & Wednesday, February 28
225 5th St, Springfield
8:00am – 5:00pm
EUGENE
Lane County Public Service Building, adjacent to Finance Lobby (ground floor)
Tuesday, February 20; Monday, February 26; and Tuesday, February 27
125 E 8th Avenue, Eugene
8:00am – 4:30pm
COTTAGE GROVE
Cottage Grove Library
Thursday, February 22 and Thursday, February 29
700 E Gibbs Ave, Cottage Grove
10:00am – 5:30pm
Cottage Grove Community Center
Friday, February 23 and Friday, March 1
700 E Gibbs Ave, Cottage Grove
8:00am – 5:00pm
VIRTUAL BUSINESS RECOVERY CENTER
Monday – Friday
8:00am – 4:30pm
FOCWAssistance@sba.gov
916-735-1531
In addition, Lane County will partner with the Springfield Area Chamber of Commerce and City of Springfield to provide a resource center offering technical assistance for businesses applying for the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL). This article will be updated with important dates, locations, and information about the resource center as they become available.
SBA Business Resource Centers information is also available on the CED Resources page on the Lane County website.
The Oregon Department of Emergency Management has announced that Lane County businesses are now eligible to apply to the SBA Economic Injury Disaster Loan (EIDL) program for impacts from the January ice storm. Businesses can apply for an economic injury loan here, and the deadline is November 8, 2024. They would select the red button at the top to Register for MySBA to get started.
Some more information about the program:
Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible.
ELIGIBILITY
- Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.
- EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume.
- EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
SBA can provide up to $2 million* to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The loan amount will be based on your actual economic injury and your company’s financial needs, regardless of whether the business suffered any property damage.
*A business may qualify for both an EIDL and a physical disaster loan.
The maximum combined loan amount is $2 million. A separate SBA Disaster Assistance program known as business physical disaster loans covers property damage.
USE OF PROCEEDS
- Working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments
TERMS
- First payment deferred for 12 months
- No interest accrual for the first 12 months
- The interest rate will not exceed 4%
Keep checking back here! This article will be updated as information becomes available about the EIDL resource center.
