Drought loans now available

Published 11:26 pm Friday, August 16, 2013

Some Pike County businesses and cooperatives are eligible to receive financial assistance due to last year’s drought.

The U.S. Small Business Administration is offering federal economic injury disaster loans to small businesses, small agricultural cooperatives, small businesses engage in aquaculture and most private non-profit organizations of all sizes, but the deadline to apply is Sept. 16.

“You can apply online, so it’s an easy process,” said Pike County EMA Director Jeanna Barnes. “You can also call the customer service center or download an applicatin from the SBA website.”

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The SBA’s Economic Disaster Loan program is available to eligible farm-related and non farm-related entities that suffered financial losses as a direct result of the drought that began on Nov. 15, 2012. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agriculture producers, farmers or ranchers. Nurseries are eligible to apply.

The loans are for working capital and can be up to $2 million with interest rates of 4 percent for businesses and 3 percent for non-profit organizations with up to 30-year terms.

Visit https://disasterloan.sba.gov/ela or call 800-659-2955 for more information.