Drought loan deadline nears for Ga. businesses

Tuesday, April 10, 2012 12:21 PM
Last updated 3:52 PM
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ATLANTA — Businesses, farmer cooperatives and nonprofit organizations that have suffered financially because of the drought that began last April have about a month to apply for federal assistance, government officials announced Tuesday.

All Georgia counties are in the disaster area.

“When the secretary of agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, the director of the agency’s Field Operations Center East.

The deadline is May 7 for disaster loans from the Small Business Administration. Individual farmers aren’t eligible for these loans, but nurseries and aquaculture enterprises are.

Loans may be for as much as $2 million with a 4 percent interest rate payable over 30 years, depending on the business size and financial resources. They can be used to pay debts, payroll, accounts payable or other bills that would have been paid had the drought not occurred.

Information is available at (800) 659-2955, disastercustomerservice@sba.gov or disasterloan.sba.gov/ela.

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REDRIDER 04/10/12 - 01:27 pm
I need a dought loan. Please

I need a dought loan. Please check spelling. Especially when it's the title.

happychimer 04/10/12 - 02:10 pm
What is a dought loan?

What is a dought loan?

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