State Senator Jay Hottinger (R-Newark) is encouraging small businesses in the Buckeye Lake region to consider applying for loans from the Small Business Association to help ease the financial burden they may be facing during the Buckeye Lake rehabilitation project.
After a disaster declaration request from Governor Kasich, the SBA declared the Buckeye Lake region a disaster area in August 2015. This declaration qualified Buckeye Lake and surrounding small businesses for the Economic Injury Disaster Loan Program under the U.S. Small Business Administration. To qualify, at least five small businesses affected by the low water levels at Buckeye Lake had to have suffered proven, substantial economic loss as the result of the ongoing reconstruction project.
Small business owners can apply for a low-interest Economic Injury Disaster Loan from the SBA until May 20, 2016.
“Many of the businesses at Buckeye Lake have had a difficult time due to the lower water level and the construction process,” said Senator Hottinger. “If it makes sense for them and their situation, I’d strongly encourage small businesses to apply for the SBA disaster loan to help relieve the economic burden they may be experiencing.”
So far, two businesses have applied for disaster loans and one has already been approved.
Business owners can apply directly to the SBA for a disaster loan. Applications can be found online at https://www.sba.gov/content/business-loan-application-checklist or applicants can call with questions at 800-659-2955.