Business

Disaster loans available to Idaho businesses affected by drought

Small, nonfarm businesses affected by drought in 21 Idaho counties are eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. Ada and Canyon counties are both on the list.

These loans offset financial losses caused by drought born by small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits of any size.

The Economic Injury Disaster Loans can be as large as $2 million to offset losses and expenses caused by drought. Businesses will pay 4 percent interest on loans. Nonprofits will pay 2.6 percent for interest. The maximum loan term is 30 years.

Qualifying companies and nonprofits in the following Idaho counties are eligible: Ada, Canyon, Blaine, Butte, Custer, Payette, Bingham, Boise, Camas, Cassia, Clark, Elmore, Gem, Jefferson, Lemhi, Lincoln, Minidoka, Owyhee, Power, Valley and Washington.

Malheur County in Oregon is also eligible.

Businesses primarily engaged in farming or ranching are not eligible for Small Business Administration loans but may qualify for U.S. Department of Agriculture assistance programs. Nurseries, however, are eligible for SBA assistance.

To apply for an SBA disaster relief loan, click here or go to https://disasterloan.sba.gov/ela. The application deadline is Jan. 6 2016.

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