Deadline to apply for drought aid approaching
Deadline to apply for drought aid approaching.
Small businesses and agricultural cooperatives seeking financial assistance in the wake of last year’s devastating drought have until May 15 to apply with the U.S. Small Business Administration.
Aid is available to farm-related and nonfarm-related entities under the agency’s Economic Injury Disaster Loan program, which provides loans of up to $2 million with 4 percent interest rates for small businesses and 2.6 percent rates for nonprofit organizations.
Terms are up to 30 years.
The program is open to farmers in New York counties that received disaster declarations.
They are: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chenango, Cortland, Erie, Genesee, Livingston, Madison, Monroe, Niagara, Onondaga, Orleans, Oswego, Steuben, Tioga, Tompkins and Wyoming counties.
With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.
Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.