Economic disaster loans available to agriculture businesses
U.S. Small Business Administration Administrator Jovita Carranza has announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.
SBA’s EIDL portal has reopened as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the coronavirus pandemic.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” Administrator Carranza said. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”
Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries. Eligible agricultural businesses must have 500 or fewer employees.
For more information, visit: www. sba.gov/Disaster