September 20, 2006
SBA offers flood loans
By Anne Curcuru
The U.S. Small Business Administration will offer loans of up to $1.5 million to Central Mass. farm suppliers whose businesses were affected by this spring’s flooding.
The loans, known as Economic Injury Disaster Loans (EIDL), have been made available to businesses like feed and seed stores which supply farmers, but not to farmers or ranchers themselves.
The move follows a similar decision earlier this year by the Secretary of Agriculture to offer assistance to farmers for flood damage.
The loans carry a 4 percent interest rate and a term up to 30 years. Details are available on the SBA website.
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