|Low-interest loans available for small businesses affected by drought|
|From Staff Reports|
Sept. 7, 2006 -- Small businesses that supply the agriculture industry can apply for low-interest disaster loans from the U.S. Small Business Administration to offset losses brought on by the extended drought.
The loans apply to small, non-farming businesses in Hopkins County, along with Bowie, Franklin, Delta, Lamar, Morris and Titus counties.
The disaster loans can offset economic losses because of reduced revenues from farmers and ranchers because of the drought conditions. The businesses may qualify for economic injury disaster loans of up to $1.5 million to help meet financial obligations and expenses that could have been met had the drought not occurred.
The loans have an interest rate of 4 percent for up to a 30-year term and are restricted to small businesses without the financial ability to offset the adverse impact of the disaster conditions.
Businesses engaged primarily in farming and ranching are not eligible for the SBA assistance and should contact Hopkins County Farm Service Agency about U.S. Department of Agriculture assistance.
Nurseries are also eligible for disaster assistance from the SBA.
For more information and applications forms, call 1-800-659-2955 or visit the SBA's website at www.sba.gov/disaster.