Drought disaster loan deadline is Sept. 15

U.S. Small Business Administration loans for non-farm businesses hit by drought fallout are available in Nevada counties, including Carson City, and the SBA said applications are due by mid-September.

Small non-farm firms in the consolidated Carson City and Nevada’s other 16 counties, as well as some counties in neighboring states, may be eligible for an Economic Injury Disaster Loan and must apply by Sept. 15, according to Tanya N. Garfield, director of SBA’s Disaster Field Operations Center-West in California’s capital city of Sacramento.

These loans are to offset economic losses because of reduced revenues due to the drought that began on Sept. 1, 2013, according to the Garfield news release. As she put it: “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster.”

Primary Nevada counties include Churchill, Clark, Humboldt, Lander, Lyon, Mineral, Nye, Pershing and Washoe, while neighboring Nevada counties named are Carson City and the counties of Douglas, Elko, Esmeralda, Eureka, Lincoln, Storey and White Pine.

“Eligibility for these loans is based on the financial impact of the disaster only, and not on any actual property damage,” Garfield said. “These loans have an interest rate of 4 percent for businesses and 2.875 percent for private, nonprofit organizations.” A maximum loan term of 30 years is available to small firms and most private, nonprofits impacted.