by Jim Martin
Santa Cruz County small non-farm businesses which have suffered losses as a result of the drought are eligible for SBA loans. Eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses and businesses directly impacted by the drought. Businesses primarily engaged in faring or ranching are not eligible for these loans, although nurseries small agricultural cooperatives and small businesses engaged in aquaculture are.
For more information on these EIDL (Economic Injury Disaster Loan) loans, which have an interest rate of 4% for businesses and 2.625% for non-profit organizations and a maximum 30-year payback period, go to SBA’s secure website at https://www.sba.gov/content/drought-disaster-assistance. See also the Drought Declarations Summary Report PDF at https://www.sba.gov/sites/default/files/articles/dcms_drought_declarations_summary_rpt_11655_80.pdf. The filing deadline is August 23, 2016.