SBA offers assistance to businesses affected by salmon disaster

4/3/2011

The U.S. Small Business Administration is offering assistance in the form of commercial loans to local businesses affected by the 2010 salmon season disaster, Mercury News reports. The announcement comes just days before the beginning of the new salmon season.

Many businesses had expected a disaster declaration after last year's season was cut short, with many related companies observing little improvements in stock, despite the fact that salmon fishing was closed for two years prior.

"Those eligible include salmon charter boat owners, suppliers of fishing gear and fuel, docks, boat yards, processors, wholesalers, shippers and retailers. The money can be used to pay fixed debts, payroll or accounts payable," explains the source.

The SBA is offering loans of up to $2 million at a rate of 4 percent interest with terms of up to 30 years.

Whenever a seasonal industry has a particularly bad year, the SBA is generally quick to offer some sort of support. For example, if cold weather affects farmers, the SBA will provide affected businesses with some sort of loan.