By The Financial District
Mar 15, 20211 min
The US Small Business Administration (SBA) has announced that small non-farm businesses in all 15 counties in Arizona may apply for low-interest federal disaster loans to offset economic losses from drought, the Associated Press (AP) reported.
Eligibility includes businesses directly affected by the disaster as well as businesses dependent on farmers and ranches that have suffered agricultural production losses caused by the disaster that began Jan. 1, the agency’s regional disaster field operations center said Friday.
According to the agency, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any kind may qualify for economic injury disaster loans of up to $2 million.
The loans are to help meet financial obligations and operating expenses that could have been met had the disaster not occurred, the agency said. It said businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance, but they can contact the Farm Services Agency regarding assistance.