SBA offers low-interest drought-related, federal disaster loans

Ag/Outdoor, News

August 22nd, 2012 by Ric Hanson

Officials with the U.S. Small Business Administration (SBA) say small, non-farm businesses in 67 Iowa Counties are now eligible to apply for low-interest federal disaster loans from the SBA. The loans are designed to offset economic losses because of reduced revenues caused by the drought which began on August 7th, in the primary counties.

The primary counties in the KJAN listening area include: Adair, Adams, Carroll, Cass, Crawford, Dallas, Fremont, Greene, Guthrie, Harrison, Mills, Monona, Montgomery, Page, Pottawattamie, Sac and Shelby. The neighboring counties of Madison, Ringgold, Taylor and Union, are also eligible for the loans.

Small, non-farm business, small agricultural cooperatives, and most private non-profit organizations of any size, may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2-million, to help meet financial obligations and operating expenses which could have been met, had the disaster not occurred.  Businesses primarily engaged in farming or ranching, are not eligible for the SBA disaster assistance.

The deadline to apply for the loans is April 15th, 2013. For more information, go to https://disasterloan.sba.gov/ela or call 1-800-659-2955.