The U.S. Small Business Administration has made federal Economic Injury Disaster Loans available to some businesses and nonprofits in Connecticut that were impacted by drought and excessive heat earlier this year.
Officials said the loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations with economic losses due to drought and excessive heat that began on May 9, 2022.
The SBA Economic Injury Disaster Loan program is for eligible farm-related and non farm-related entities that suffered a financial loss from the disaster. In order to qualify, the businesses or organizations must be Hartford, Litchfield or Tolland counties.
The loan amount can be up to $2 million with interest rates of 2.935 percent for small businesses and 1.875 percent for private non-profit organizations with terms up to 30 years, according to the U.S. SBA.
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“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” director of SBA’s Field Operations Center East Kem Fleming said in a statement.
You can get more information, see if you qualify and apply for the loans here.
