Local small businesses affected by current drought can apply for SBA loans

WASHINGTON - The U.S. Small Business Administration on Wednesday announced the availability of low interest federal disaster loans to small businesses and private nonprofit organizations in New Hampshire who sustained economic losses caused by drought beginning Sept. 9.

The disaster declaration covers the counties of Belknap, Carroll, Cheshire, Coos, Grafton, Hillsborough, Merrimack, Rockingham, Strafford and Sullivan in New Hampshire as well as Caledonia, Essex, Orange, Windham and Windsor counties in Vermont.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

"Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "We're pleased to offer loans to small businesses and private nonprofits impacted by these disasters." 

For more info contact your local Small Business Administration office.