York County businesses and nonprofits can apply for disaster assistance loans from the federal government for losses connected to last February’s drought in New Hampshire.
According to the U.S. Small Business Administration, disaster loans are available to small businesses, agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations in York County as a result of the drought in New Hampshire that started on Feb. 1, 2015.
“This county is eligible because it is contiguous to one or more primary counties in New Hampshire. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
According to the National Climactic Data Center, part of the National Oceanic and Atmospheric Administration, parts of New Hampshire were classified as enduring “moderate drought” conditions in February.
The loan program is available to farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. With the exception of aquaculture enterprises, SBA doesn’t provide disaster loans to agricultural producers, farmers or ranchers. Nurseries, though, are eligible to apply.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applications must be returned to the SBA no later than Aug. 23, 2016. Applicants may apply online using the Electronic Loan Application at disasterloan.sba.gov/ela.
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