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(KFVS) – The U.S. Small Business Administration has announced that disaster loans are available for parts of the Heartland suffering from drought.
According to a Tuesday, Nov. 15 SBA release, federal economic disaster loans are available in parts of Kentucky, Illinois, Missouri, and Tennessee for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations with economic activities. losses due to the drought that began on October 25.
The declaration includes the principal 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.
According to the statement, the loan amount can be up to $2 million with interest rates of 3.04% for small businesses and 1.875% for private non-profit organizations, with terms up to 30 year.
Applicants can apply online using the Electronic Loan Application through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA statement #17703.
The SBA said another statement includes 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 statement, the SBA Economic Disaster Loan Program is available to eligible farm and non-farm entities that have suffered financial loss as a direct result of this disaster.
Besides aquaculture businesses, the SBA said it cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic disaster loans for losses caused by drought conditions.
These applicants should apply under SBA statement #17700.
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