The U.S. Small Business Administration is offering special disaster loans to some businesses impacted by the recent red king crab and snow crab closures.
The SBA announced that eligible entities are small agricultural cooperatives, aquaculture businesses, as well as the majority of private nonprofit organizations. Depending on the type of organization, interest rates range from below 2% to about 3%.
- Small businesses that were impacted by the crab crashes between Oct. of 2022 and May of this year are eligible to apply
- Eligibility is based on the financial impact of the disaster, as opposed to actual property damage
- The loans can be used to cover debts, payroll, and other bills that couldn’t be paid because of the recent crashes
- The deadline to apply is Nov. 9, 2023
- Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/.
Learn more by reading the SBA’s press release.
And we can help with applications! Please visit the Alaska SBDC Client Portal to either sign up as a new client or connect with your Business Advisor to get started.