SBA LOANS AVAILABLE IN DROUGHT STRICKEN COUNTIES

(03/01/2003)

The US Small Business Administration has announced that federal disaster loans are available to certain small businesses affected by the 2002 drought. Small agriculture-dependent businesses and small agricultural cooperatives that suffered financially as a direct result of the drought can apply. The loans are available through the administration's Economic Injury Disaster Loan program. The program is being offered in all West Virginia counties except Monongalia and Jefferson Counties, which were not designated disaster areas. The businesses may qualify for loans up to one-point-five million dollars at a four percent interest rate for up to 30 years. The program does not provide loans to agricultural producers and nonagricultural dependent businesses. Farmers and ranchers seeking assistance should contact the Farm Services Agency. Other small businesses should contact their local Small Business Administration to find out about additional programs.

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