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U.S. Small Business Administration Makes Disaster loans Available Due to Drought

The statement was made on April 22 from Tanya N. Garfield, director of SBA’s Field Operations Center-West Region. The loans are supposed to offset economic losses due to reduced revenues brought on by drought. The secretary announced this tragedy on April 19.

“SBA eligibility covers both the financial consequences on businesses dependent on farmers and ranchers which have endured agricultural production losses resulting from the disaster and companies directly affected by the catastrophe,” said Garfield.

Little nonfarm companies, small agricultural cooperatives, small companies participated in aquaculture and many personal, nonprofit organizations of any size could qualify for Economic Injury Disaster. Loans up to $2 million to help meet financial obligations and operating expenditures, which may have been met had the disaster not occurred, are readily available.

Barnes, Dickey, Grand Forks, Griggs, Ransom and Steele are believed’neighboring counties’ and loans are offered to companies in these counties too.

The loans have an rate of interest of 3 percent for companies and 2% for personal, nonprofit organizationsup to 30 decades.

Businesses mainly engaged in farming or ranching aren’t qualified for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency concerning the U.S. Department of Agriculture aid made available from the Secretary’s declaration. Nurseries, nevertheless, are qualified for SBA disaster aid in drought problems.

Applicants can apply online, get additional disaster aid information and download software at disasterloanassistance.sba.gov/. Applicants can also call SBA’s Client Service Center in 800-659-2955 or email [email protected] to learn more on SBA disaster aid. Hearing-impaired people may call 800-877-8339. The deadline to apply for economic injury loans would be Dec. 20.

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