Small businesses in Sussex Co. eligible for disaster loans due to flooding in May
Small businesses in Sussex County, listen up!
Farm-related and non-farm related businesses may get some assistance if you were affected by flooding in May.
You may be eligible for a disaster loan through the U.S. Small Business Association.
These businesses can include multiple jobs, such as restaurants or farm equipment dealers.
The Small Business Development Center, or SBDC, in Georgetown says they are willing to help anyone through the paperwork process. They can see if you are eligible or not.
A business advisor from SBDC, Tom Thunstrom, says several factors determine how much you can get. "I think it's in relation to the amount of damage that they've had and also in relation to the businesses themselves in terms of annual revenue, expected loss that they may have taken as a result of it. So, it varies on the business and impact the flooding had," Thunstrom tells us.
Businesses can borrow up to $2 million with a 30-year term.
You can qualify for the disaster loans as result of the rain from May 12-23.