SBA offering loans to rural businesses hurt by the drought
The U.S. Small Business Administration is offering Nevada small, non-farm businesses the chance to apply for loans to compensate them for economic damage from the drought.
Low-interest loans are offered through the SBA’s Economic Injury Disaster Loans program that can provide up to $2 million to help meet needs caused by the drought.
Businesses that depend on farmers and ranchers who have suffered production losses during the drought are eligible including small agricultural cooperatives, small aquaculture businesses and most nonprofit organizations.
The money can be used to pay fixed debts, payroll, accounts payable and other bills.
There are two deadlines coming next month. For losses between Jan. 1, 2015, and Dec. 31, 2015, the application deadline is Oct. 24. For losses beginning Sept. 1 2015, the application deadline is Oct. 17.
The loans are set at 4 percent for businesses and 2.625 percent for nonprofits with terms of up to 30 years.
Businesses primarily engaged in farming and ranching are not eligible for these loans. But nurseries are eligible.