12/13/2007 (10:30 pm)
SBA to make emergency drought loans
The U.S. Small Business Administration is issuing loans of up to $1.5 million each for North Carolina companies affected by the drought.
The Economic Injury Disaster Loans will carry a 4 percent interest rate. All North Carolina counties are covered by the SBA’s emergency declaration except for Currituck, Dare, Hyde and Tyrrell.
The SBA says that it will determine eligibility for the loan program based on the size and type of business and its financial resources no teletrak payday loans.
Agricultural producers are not included in the SBA program because they have funds available from the secretary of agriculture.
Applicants must have a credit history acceptable to the SBA to obtain assistance, and the agency will ask borrowers to pledge collateral that is available.
The loans, according to the SBA, are limited to $1.5 million unless the business is a major source of employment in its area.