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SBA offering disaster loans to businesses that support farmers

by Staff Report
| May 3, 2022 1:00 AM

SACRAMENTO, CALIF. — Nonfarm businesses in Grant and Adams counties are now eligible to apply for low interest loans from the Small Business Administration to help cover drought-related losses in 2022.

According to an SBA press release, the loans are available to farmers in 20 counties in Oregon, Washington and Northern Idaho, and follow a disaster declaration from Agriculture Secretary Tom Vilsack on April 22, 2022.

Under the declaration, small “nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non nonprofit organizations of any size” are eligible to to apply for Economic Injury Disaster Loans of up to $2 million to help cover financial obligations and costs which could have been met had the disaster not occurred, the SBA press release said.

“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” said Tanya Garfield, director of the SBA’s Disaster Field Operations Center-West, in the press release.

Loans are made to for-profit business at 2.94% and to nonprofits at 1.875% for a maximum term of 30 years, the press release said.

For more information or for an application, visit the SBA website disasterloanassistance.sba.gov or contact SBA customer service at 800-659-2955 or by email at disastercustomerservice@sba.gov. The deadline for applications is Dec. 22, 2022.

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