Rick Patrick
rick@greenepublishing.com
The U.S. Small Business Administration (SBA) recently announced that some small businesses in the North Florida area could be eligible for Economic Injury Disaster Loans (EIDLs) due to the drought which began on Dec. 1, 2022. Those businesses that are eligible include small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations. These loans are for losses incurred as a result of the drought.
This primarily covers the counties of Hamilton, Lafayette, Madison, Suwannee and Taylor. It also includes the adjacent counties of Jefferson and Columbia.
“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 Kem Fleming, director of SBA’s Field Operations Center East.
This program is available to eligible farm-related and nonfarm-related businesses that suffered financial losses as a direct result of the drought. Aside from aquaculture businesses, the SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for one of the loans.
The loan amount can be up to $2 million, with interest rates of 3.305 percent for small businesses and 2.375 percent for private nonprofit organizations, with terms up to 30 years.
Applicants may apply online through the SBA's secure website at https://disasterloanassistance.sba.gov/ela/s/. When applying, apply under SBA declaration 17824.