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Saturday, May 05, 2001

SBA offers riot loans to businesses




By Jeff McKinney
The Cincinnati Enquirer

        Businesses economically hit by the riots in Cincinnati can get low-interest loans from the U.S. Small Business Administration.

        The SBA on Friday began offering small-business loans up to $1.5 million. The loans can carry a 4 percent interest rate over 30 years.

        SBA loan specialist James Birchmore said city officials have told the administration that about 100 businesses were damaged by the riots, but they do not know how much money will be distributed.

        He said all businesses would get help if eligible; there's not a set amount available. The deadline to apply is Feb. 1.

        SBA executives said the loans can be used to meet normal operating costs until the business returns to pre-riot conditions, to pay bills and other charges tied to the riots.

        For more details, call SBA at (800) 359-2227.

       



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