SBA loans available for drought hardship

ATLANTA – Small aquaculture businesses and private nonprofits in Kent, Providence and Washington counties can apply for U.S. Small Business Administration working capital disaster loans due to hardships resulting from a drought that began on July 1, 2014.

The deadline for applications is Aug. 10. The loan amount can be up to $2 million with interest rates of 2.625 percent for private, nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.

According to a statement, SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at disasterloan.sba.gov/ela. •

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