Troxler alerts agribusinesses about SBA loans for drought losses

Agriculture Commissioner Steve Troxler reminds nurseries that they may be eligible for low-interest drought assistance loans offered through the U.S. Small Business Administration. The loans are available for all qualifying small businesses affected by the drought.

“Loans are now available for eligible nurseries because of three recent federal disaster declarations,” Troxler said. “Most North Carolina counties are included in the program, and I encourage nurserymen to contact the Small Business Administration if they are interested in this program.”

Eligible small businesses may qualify for loans up to $1.5 million. Loans are available at 4 percent interest rates. Loan amounts and terms are determined by the SBA.

Agricultural producers are not eligible for loans under this disaster declaration. However, most farm-related and non-farm related small businesses affected by the drought, are eligible to apply.

To find out more about the program, contact the SBA’s Customer Service Center at 1-800-659-2955 Monday through Friday from 8 a.m. to 9 p.m. Loan applications can be downloaded from the SBA’s Web site at www.sba.gov. The deadline for applying for this loan program is May 12.