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Nonfarm businesses could qualify for farm-loss SBA loans

Thursday, October 3, 2019

Small nonfarm businesses in Clatsop County and 16 other counties are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration.

The loans are to offset economic losses caused by drought.

“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,” SBA western field Operations Director Tanya Garfield said.

Eligible counties are Clatsop and Columbia in Oregon and the Washington counties of Clallam, Cowlitz, Grays Harbor, Jefferson, Lewis, Mason, Pacific, Thurston, Wahkiakum, Clark, Kitsap, Pierce, Skamania, Yakima and Island.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

Eligibility for the loans is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 4 percent for businesses and 2.75 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The secretary declared the disaster on Aug. 2.

For more information, call 800-659-2955.

The deadline to apply for economic injury is April 2, 2020.


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