USDA drought loans available

From Gazette Staff reports

Union County farmers and small businesses affected by the ongoing drought can apply for federal emergency loans following a U.S. Department of Agriculture (USDA) disaster declaration.

Last week the USDA declared 22 Ohio counties as a natural disaster due to Ohio’s exceptionally hot and dry summer. While Union County was not listed among the primary counties, it was one of the 18 surrounding counties, eligible to apply for the U.S. Small Business Administration’s Economic Injury Disaster Loan and USDA’s Farm Service Agency emergency credit.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non farm-related entities that suffered financial losses as a direct result of this disaster.

The SBA loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years.

For information and to apply online visit SBA.gov/disaster. Applicants may also call (800) 659-2955 or email disastercustomerservice@sba.gov.