(WASHINGTON) - The U.S. Small Business Administration is offering low-interest federal disaster loans to small businesses and nonprofit organizations impacted by drought conditions beginning April 1st.
The disaster declaration includes DeKalb and Allen counties in Indiana along with Williams County in northwest Ohio.
The SBA's Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations experiencing financial losses related to the drought.
Officials say the loans are intended to help cover working capital needs including payroll, fixed debts, accounts payable, and other bills that could not be paid because of the disaster.
Loan amounts can be up to 2 million dollars with interest rates as low as 4% for small businesses and 3.625% for nonprofit organizations. Terms can extend up to 30 years depending on the applicant's financial condition.
The SBA says payments are not due until 12 months after the first loan disbursement.
Applications can be submitted online through the SBA disaster assistance website.
The deadline to apply for economic injury assistance is December 15th.