WASHINGTON D.C. – U.S. Sen. Sherrod Brown (D-OH) announced today that the Small Business Administration (SBA) is making federal economic injury disaster loans available in Clermont and Hamilton counties. The loans will be available to small businesses, small agricultural cooperatives, and non-profit organizations that have been economically injured as a result of the drought in southern Ohio that began in August 2010.
“Additional assistance can help southern Ohio communities recover from the effects of the severe drought,” Brown said. “These SBA loans can make a big difference in Clermont and Hamilton counties. I will continue working to ensure that adequate state and federal resources are available to keep Ohio farms and businesses vibrant and competitive.”
Ohioans experiencing financial hardship as a direct result of the drought in southern Ohio may qualify for the SBA’s Federal Economic Injury Disaster Loan program. According to the SBA, working capital loans up to $2 million are available with a 3 percent interest rate for non-profit organizations and 4 percent for small businesses up to 30 years.
Federal economic injury disaster loans’ terms and limits are set by the SBA and are based on a case-by-case basis. The loans can be used to help Ohioans looking for assistance to pay fixed debts, payroll, and other bills that have mounted a result of the drought, a federally declared agriculture disaster.
Ohioans affected by the drought may apply for disaster loans before July 5, 2011 from SBA’s website at https://disasterloan.sba.gov/ela/.