
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 the drought this summer.
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 that began on August 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 Fairfield or Litchfield counties.
The loan amount can be up to $2 million with interest rates of 3.04 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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You can get more information, see if you qualify and apply for the loans here.
The U.S. SBA also made Economic Injury Disaster Loans available to some businesses and nonprofits in the state that were impacted by drought and excessive heat that began in May. In order to qualify for this loan, the businesses or organizations must be Hartford, Litchfield or Tolland counties.