Rep. Buchanan Praises SBA for Disaster Declaration
Congressman
The designation makes small businesses suffering from the negative economic impact of red tide eligible for up to
"This is tremendous news for our region," Buchanan said. "Disaster assistance loans provided by the SBA are critically important to help our local businesses recover from this devastating crisis."
The stench of dead fish and respiratory problems caused by the current outbreak have caused several people to cancel or change travel plans to some of the region's most popular tourist attractions and driven locals inland, away from coastal businesses.
Buchanan urged the SBA to issue the disaster declaration.
Loan amounts will be based on economic injury and the company's financial needs. The interest rate will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
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