Small nonfarm businesses in 27 Kansas counties and neighboring counties in Nebraska are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya Garfield of the SBA's Disaster Field Operations Center-West. The loans will offset economic losses because of reduced revenues caused by drought in 11 primary counties including Riley, Clay and Dickinson. There are 16 neighboring Kansas counties that are eligible including Geary, Morris and Pottawatomie.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for economic injury disaster loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.94 percent for businesses and 1.875 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.