Arkansas county small businesses are eligible for EIDLs

The U.S. Small Business Administration recently announced it will grant Economic Injury Disaster Loans to nonfarm small businesses in all 75 Arkansas counties.

Alfred E. Judd, Disaster Field Operations Center West director of the SBA, stated in the release that the loans are offered to small businesses that experience a loss of revenue as a result of high winds, floods, drought, heat and hail starting on April 1, 2011.

"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 3% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship," Judd said.

According to the organization's release, the SBA is required by law to offer EIDLs when the U.S. Secretary of Agriculture labels a region an agricultural disaster.

In addition, businesses affected along the East Coast may also be eligible for EIDLs following Hurricane Irene, according to Small Business Trends.