USDA, SBA offer assistance to R.I. for drought losses

RANCH and farm operators in Washington County are eligible for low-interest emergency loans from the U.S. Department of Agriculture’s Farm Service Agency.
RANCH and farm operators in Washington County are eligible for low-interest emergency loans from the U.S. Department of Agriculture’s Farm Service Agency.

PROVIDENCE – Ranch and farm operators in Washington County are eligible for low-interest emergency loans from the U.S. Department of Agriculture’s Farm Service Agency.
The county became eligible for loans because it is contiguous to Suffolk County, N.Y., which was designated as a primary natural disaster area last week following losses due to a recent drought that began July 26.
Washington County was one of three contiguous counties designated natural disaster areas on Sept. 21, including New London County, Conn., and Nassau County, N.Y.
Farmers in eligible counties have eight months from the date of declaration to apply for loans. Extent of losses, security available and repayment ability will all be considered with each loan application.
FSA emergency loans aren’t the only loans available.
The U.S. Small Business Administration announced Wednesday that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Washington County as a result of the drought.
While aquaculture enterprises and nurseries are eligible to apply for disaster loans for losses caused by drought conditions, SBA cannot provide them to agricultural producers, farmers or ranchers.
SBA loans can only be used for bills that could have been paid if not for the disaster, such as fixed debts, payroll and accounts payable. Amounts can be up to $2 million with interest rates of 2.6 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.
For information on FSA natural disaster assistance, visit disaster.fsa.usda.gov.
For information and application forms for SBA’s Disaster Loan Program, visit www.sba.gov/disaster. Completed loan applications must be returned to SBA no later than May 22.

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