Disaster Loans Available for Some Drought-Hit Businesses in Arkansas


Disaster Loans Available for Some Drought-Hit Businesses in Arkansas

The U.S. Small Business Administration announced that low-interest economic disaster loans are now available for nonfarm businesses in seven Arkansas counties.

The loans are intended to offset economic losses because of reduced revenues caused by drought in Lee, Phillips, Arkansas, Crittenden, Desha, Monroe and St. Francis counties. Loans are also available to three Mississippi counties: Bolivar, Coahoma and Tunica.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for up to $2 million in loans.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 3.04% for businesses and 1.875% t for private nonprofit organizations, and a maximum term of 30 years.