Loans available for hurting businesses
businesses directly impacted by the September 11 tragedy
could be getting help from the federal government.
Tom Dorr, director of the Small Business Development center at Western Washington University said Economic Injury Disaster Loans (EIDL) through the U.S. Small Business Administration were available to help small businesses bounce back.
Many local businesses have been directly impacted by the events of September 11 and are eligible for these disaster relief loans, Dorr said. Businesses dependent on Canadian shoppers, travel and tourism that were affected by border-crossing restrictions or airport closure are prime candidates for these inexpensive loans.
The EIDL loans provide working capital to cover operating expenses ranging from payroll to debt service. Each loan is conditioned to the financial circumstances of the business, tailoring term and payment to their ability to pay back the loan. Local businesses who lost key employees when military reservists were called to active duty are eligible for additional assistance.
Applications for the disaster relief loans must be submitted by January 21, 2002. The Small Business Development Center offers help with the application and counseling on how to cope with the economic slowdown. Dorr can be reached at 733-4014 or Tom.Dorr@wwu.edu.