The Small Business Administration (SBA) is making low-interest loans available to small businesses in Forsyth and ten other counties affected by water main breaks that occurred May 31-June 6.
The Economic Injury Disaster Loans (EIDLs) are being made available in response to a letter from Gov. Kemp’s office earlier this month requesting a disaster declaration by the SBA. The declaration covers Fulton, Carroll, Cherokee, Clayton, Cobb, Coweta, Dekalb, Douglas, Fayette, Forsyth and Gwinnett counties.
“Businesses and most private nonprofit organizations may borrow up to $2 million for working capital needs arising due to the disaster,” said SBA’s Georgia District Director Terri Denison.
Interest rates are 4% for small businesses and 3.25% for private nonprofit organizations with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. The deadline to apply is next April 10.