Up to $2 million dollars in low interest federal loans are now available for local small businesses and nonprofits impacted by the ongoing drought conditions.
The Small Business Administration announced the funds on Wednesday. The funds are available for many counties in our area including:
Berrien Brooks Clinch Colquitt Decatur Echols Grady Lanier Lowndes Mitchell Miller Thomas Seminole Gadsden Hamilton Jefferson Leon
Economic Injury Disaster Loans (EIDLs) are available for small businesses, small agricultural cooperatives, nurseries, and private nonprofits (PNPs). The SBA says they cannot provide disaster loans to agricultural producers, farmers, or ranchers.
The administration says the loans can amount to as much as $2 million and can be used for debts, payroll, accounts payable, and other bills.
Interest rates for the federal loans can be as low as 4% for small businesses and 3.625% for PNPs. Interest does not accrue.
The deadline to return your application is Dec. 10.
To apply online, click here.
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