ATLANTA, Ga. (WTNH) – Federal help is coming for some Connecticut businesses that are hurting from the drought. The U.S. Small Business Administration announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture and private nonprofit organizations in Connecticut because of the drought that officially started on August 2.
“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 Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
The money is not available to farmers, only eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this drought, and people involved with aquaculture.
The loans can be up to $2 million dollars with rates of 2.625 % for private nonprofit organizations, and 4% for small businesses. with terms up to 30 years.