Loans and business counseling available for those affected by Swan Lake Fire

Oct 10, 2019

      The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically harmed by the Swan Lake Fire.

SBA acting Administrator Christopher M. Pilkerton announced the action taken under the agency's own authority to declare a disaster following a request received from Gov. Dunleavy on Oct. 2.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

The Kenai Peninsula Small Business Development Center located in the Red Diamond Center is offering free, personalized counseling to help affected businesses in their recovery.