SBA Working Capital Loans Available to Assist Those Effected by Drought
The U.S. Small Business Administration announced that Economic Injury Disaster Loans (EIDL) are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in all NH Counties in New Hampshire as a result of drought.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations of all sizes, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov
Or Call the SBA NH District Office at 603-225-1400 and our staff will be able to help with questions and inquires.
