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Mon July 30, 2012
Small businesses are eligible for federal drought-relief loans
Because of the drought, small, nonfarm businesses in most Wyoming counties are now eligible to apply for low interest federal disaster loans from the U. S. Small Business Administration.
Wyoming SBA Director Steve Despain says businesses – like feed or equipment retailers – that have been hurt by the drought can apply for loans up to 2-million-dollars with a 4-percent interest rate or lower. He adds that the loan is meant to supplement a business’s working capital.“It’s for working capital. It is for things that you would have normally been able to pay for if there hadn’t been a drought but you can’t pay for now,” Despain says. “They do have to be able to show that once the drought is over, they can re-pay their loans. These are not a grant.”
Despain says it could take several months for businesses to fully assess their damages. Interested business owners should call 800-659-2955 or visit www.sba.gov/disaster.He adds that farmers and ranchers should contact the U-S Department of Agriculture for loan help.