Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to
Farms or ranches are not eligible for the loans. However, in drought disasters, nurseries are eligible for SBA disaster assistance.
Eligibility is based on financial impact of the drought, not actual property damage, according to the release. The loans carry a 4 percent interest rate for businesses and 2.625 percent interest rate for private nonprofits.
Applicants may apply online at https://disasterloan.sba.gov/ela.
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