Gov. Mike Easley today reminded small business owners in 93 counties that they have until Thursday, Jan. 24 to apply for low-interest Small Business Administration loans to help with economic losses from the hard freeze that hit the state last April 6-9. The SBA assistance was made available after the U.S. Department of Agriculture approved the governor’s request for a disaster declaration due to crop losses estimated at close to $100 million.

“Last year was a tough one with the Easter freeze and high winds in April, followed by the drought that is still ongoing,” said Easley. “While we are still waiting on Washington to pass an aid bill for farmers, I want to make sure small businesses who need help can apply for this assistance.”

The SBA’s Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small businesses and small agricultural cooperatives that suffered economic injury as a direct result of the freeze. Since farmers and ranchers are eligible to apply for USDA disaster assistance, they are not eligible to apply to the SBA. Eligible small businesses may qualify for loans up to $1.5 million at a 4 percent interest rate with terms up to 30 years. The SBA determines eligibility for the program based on the size and type of business and its financial resources.