The U.S. Small Business Administration (SBA) has announced that multiple counties in four states are now eligible to apply for an economic personal injury loan of up to $2 million.
More small businesses eligible for drought relief
The loans are available only to small non-farm businesses, small agricultural cooperatives, and small businesses engaged in aquaculture, as well as most private non-profit organizations of all sizes. The funds are intended to help companies in Hawaii, Texas, Idaho and Kansas that have been hit by recent natural disasters meet their financial obligations and operating expenses.
SBA Disaster Loan Eligibility
Tanya N. Garfield, director of the SBA’s Disaster Field Operations Center-West, explained the eligibility criteria: “Eligibility for these loans is based only on the financial impact of the disaster and not on actual property damage.
“These loans have interest rates of 2.94 percent for businesses and 1.875 percent for private non-profits, a maximum term of 30 years, and are available to small businesses and most private non-profit organizations without the financial ability to mitigate the negative impact. to compensate for problems. †
Applicants can apply online and receive additional information or download applications at the SBA Emergency Loan Assistance website.
Provinces of Hawaii
The loans have been extended to small non-farm businesses in three Hawaii counties to offset some of the economic losses caused by reduced revenues from the drought in Honolulu and Kalawao counties that began in March this year. The counties eligible for low-interest federal disaster loans from the U.S. Small Business Administration are:
These disaster loans for economic damage became possible in Hawaii after the recent drought was declared a disaster by the United States Secretary of Agriculture in May.
Texas Counties
There are 22 Texas counties where small nonfarm businesses are now eligible for low-interest federal disaster loans. These loans are also intended to offset economic losses caused by the drought that started in March. There are nine primary counties that qualify, including:
- Aransas
- Calhoun
- Rooms
- Galveston
- Jackson
- Matagorda
- nueces
- refugee
- Victoria
There are also 13 neighboring counties that are also eligible, including: Bee, Brazoria, Colorado, DeWitt, Goliad, Harris, Jefferson, Jim Wells, Kleberg, Lavaca, Liberty, San Patricio, and Wharton.
Counties of Idaho
Small nonfarms in five Idaho counties and two adjacent Oregon counties are also now eligible to apply for low-interest federal disaster loans from the United States Small Business Administration. Again, the loans should be used to offset any economic losses or reduced revenues caused by the drought in March. The five eligible counties in Idaho include a primary and four contiguous Idaho counties, including:
- Adams
- Gemstone
- Idaho
- Valley
- Washington
The two neighboring Oregon counties that now also qualify are Baker and Wallowa.
Kansas Counties
Small nonfarms in five Kansas counties can also benefit from the SBA’s low-interest federal disaster loans. The drought has also hit these provinces hard, so small businesses can use the loans to offset their economic losses from the disastrous dry weather. These provinces include:
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