SBA To Offer Drought Disaster Loans

JACKSON, Miss. (AP) – Small businesses, agricultural cooperatives and certain nonprofits in 13 counties are eligible for federal disaster loans because of drought conditions.

The U.S. Small Business Administration announced Monday the entities are eligible for economic injury disaster loans if they suffered financial losses tied to the drought that began in November.

The counties include Alcorn, Clarke, George, Greene, Itawamba, Jackson, Kemper, Lauderdale, Lowndes, Monroe, Noxubee, Tishomingo and Wayne.

The SBA says it can’t provide disaster loans to farmers or ranchers, with the exception of aquaculture businesses. Nurseries, however, are eligible to apply for the federal aid.

Loans from the SBA can be up to $2 million, carrying interest rates of 2.5 percent for private nonprofits and just above 3 percent for small businesses. Repayment can stretch over as many as 30 years.