13 Montana counties have been named disaster areas by the United States Department of Agriculture.
Fergus, Judith Basin, Petroleum, Blaine, Cascade, Chouteau, Garfield, Golden Valley, Meagher, Musselshell, Phillips, Rosebud and Wheatland counties are eligible for low-rate loans from the U.S. Small Business Administration.
Alfred E. Judd, director of SBA‘s Disaster Field Operations Center-West explained, “SBA eligibility covers both the 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.”
He added, “These loans offset economic losses because of reduced revenues caused by the combined effects of drought, severe storms, excessive heat, hailstorms, excessive moisture at harvest, and weather-related insect damage that occurred in the counties beginning Jan. 1, 2009.”
The loans have a four percent interest rate and a maximum term of 30 years. For more information contact the SBA at (800) 659-2955. The deadline is Aug. 16, 2010.
Farm loan rates starting at 2.99%. Lock in before farm loan rates rise. Contact Farm Plus by clicking here or calling toll free 866-929-5585.