The U.S. Small Business Administration has recently announced that “Economic injury Disaster Loans” are available in Alabama for small businesses, small agricultural cooperatives, also small businesses engaged in aquaculture, and most private non-profit organizations with economic losses from all drought conditions that began on October 24th this year (2023).
The declaration includes Cherokee, DeKalb, Marshall and many others plus many more in Georgia.
Under the declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related, and also non-farm related entities that suffered a financial loss as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million – with interest rates of 4% for small businesses and also up to 2.375% for private non-profit organizations, with terms up to 30 years. These working capital loans MAY BE USED TO pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
For additional information – simply visit the EMA Office located in the Cherokee County Administration Building in Centre – or – simply visit their news site on-line.