SBA Loans Available to Crabbers Affected by 2015-16 Closures
The U.S. Small Business Administration (SBA) on 3 February announced the availability of Economic Injury Disaster Loans for those affected by the commercial Rock and Dungeness crab fishery closures in 2015-16. SBA will be opening Disaster Load Outreach Centers in several port communities over the next few weeks to answer questions and assist with loan applications.
The loans are available immediately for up to $2 million with interest capped at 4% on up to 30-year terms. They are available to fishing and fishing-dependent businesses, as well as nonprofits affected by the closure.
The filing deadline to apply for a disaster loan is 2 November 2016.
SBA’s jurisdiction to offer the loans triggered when the SBA secretary declared an economic disaster in the several counties with crabbing communities, as well as the counties adjacent to those that were primarily affected. That disaster declaration is not the same as a fishery disaster declaration by the U.S. Secretary of Commerce. A fishery disaster declaration would trigger the potential availability of disaster relief under the Magnuson-Stevens Act and the Interjurisdictional Fisheries Act, including a possible Congressional appropriation of direct economic relief.
To apply for a loan, information and application forms are available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing firstname.lastname@example.org. Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.