The U. S. Small Business Administration is making low-interest, federal disaster loans available to small businesses economically impacted by this year’s king salmon disaster.
SBA Administrator Karen G. Mills said in a press release Wednesday that the organization is acting under its own authority to declare a disaster following a request received last week from Governor Sean Parnell. The disaster declaration makes SBA assistance available in the Kenai Peninsula Borough, as well as other areas affected by the disaster.
Mills said that most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to two-million-dollars to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 4 percent for small businesses and 3 percent for private, nonprofit organizations with terms up to 30 years.
Business owners can learn more by visiting the Alaska SBDC website at aksbdc.org.