SBA announces disaster loans available for parts of Heartland suffering from drought

According to the SBA, the federal Economic Injury Disaster Loans are available in several...
According to the SBA, the federal Economic Injury Disaster Loans are available in several Heartland counties for small businesses impacted by a drought that began on October 25.(Pexels via MGN)
Published: Nov. 15, 2022 at 3:51 PM CST|Updated: Nov. 16, 2022 at 11:50 AM CST
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(KFVS) - The U.S. Small Business Administration announced that disaster loans are available for parts of the Heartland suffering from drought.

According to the SBA, the federal Economic Injury Disaster Loans are available in several Heartland counties for small businesses impacted by a drought that began on October 25.

According to the release, the loan amount can be up to $2 million with interest rates of 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.

Applicants may apply online using the Electronic Loan Application via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should use the designated SBA declaration number.

A declaration announced on Wednesday, November 16 included Alexander, Johnson, Massac, Pope, Pulaski and Union Counties in Illinois; and the adjacent counties of Hardin, Jackson, Saline and Williamson in Illinois; Ballard, Livingston and McCracken in Kentucky; and Cape Girardeau, Mississippi, Perry and Scott in Missouri.

This is for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations with economic losses due to the drought. Applicants should apply under SBA declaration #17704

A declaration on Tuesday, November 15, included the primary counties of Ballard, Carlisle, Fulton, Hickman, Livingston, Marshall and McCracken in Kentucky, and the adjacent counties of Calloway, Crittenden, Graves, Lyon and Trigg in Kentucky; Alexander, Hardin, Massac, Pope and Pulaski in Illinois; Mississippi and New Madrid in Missouri; and Lake, Obion and Weakley in Tennessee.

This declaration is for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations with economic losses due to the drought. Applicants should apply under SBA declaration # 17703.

A second declaration on Tuesday included Lake and Obion Counties in Tennessee; and the adjacent counties of Dyer, Gibson and Weakly in Tennessee; Fulton and Hickman in Kentucky; and New Madrid and Pemiscot in Missouri.

Under this declaration, the disaster loan is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.

Besides aquaculture enterprises, SBA said it cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Those applicants should apply under SBA declaration #17700.