Small Businesses Effected By Drought Able To Get Disaster Loans

by Christian Mower on March 27, 2017

Concord, NH (AP) – Small businesses in New Hampshire’s Carroll, Rockingham and Strafford counties have until May 1 to file for federal economic injury disaster loans as a result of a drought that started last summer. The counties are adjacent to primary counties in Maine that were named in the declaration.

Under this declaration, the Small Business Administration’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.6 percent for nonprofit organizations, and terms up to 30 years.