Economic Injury Disaster Loans are available through the U.S. Small Business Administration for non-farm businesses that rely on farms and ranches to operate. 72 Oklahoma counties as well as neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas may be eligible for low-rate disaster loans.
These counties experienced extreme, damaging weather from Nov. 1, 2009 through Oct. 31, 2010. During this time the area experienced extreme heat and drought as well as high winds.
Click here for a list of effected counties.
The SBA works to assist businesses dependent on farmers and ranchers who cannot operate due to production losses. This includes agricultural cooperatives and non-profit organizations.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 3% for private, non-profit organizations, a maximum term of 30 years, and are available to small businesses and most private, non-profits without the financial ability to offset the adverse impact without hardship,” said Alfred E. Judd, Director of SBA’s Disaster Field Operations Center West.
Interested small businesses must apply by Aug. 29, 2011. Call SBA’s Customer Service Center at (800) 659 2955 for additional information.
This article courtesy of Farm Plus Financial. For information regarding agricultural finance opportunities contact our offices at 866-929-5585.
Written by: Melissa Warner / Farm Plus Financial staff writer