The U.S. Small Business Administration is offering low-interest federal disaster loans up to $2 million to small non-farm businesses in Santa Barbara County.
The loans are intended to assist business owners with reduced revenues as a result of Ventura County’s drought that began April 20.
“(The Administration) eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Tanya N. Garfield, director of the Small Business Administration’s disaster field operations center-west, said in a statement.
Eligibility is determined by the financial impact the drought has had on the business but does not include property damage.
Loans for small businesses have an interest rate of 3% whereas it drops to 2% for private nonprofits. The maximum loan term is 30 years.
Farm owners interested in a loan should contact the Farm Service Agency for assistance. (Nurseries are eligible through the Small Business Administration.)
The loans are offered by law when the U.S. Secretary of Agriculture declares an agricultural disaster. The Ventura drought was designated Monday.
The deadline to apply is Dec. 27.
For further information or to apply, go to disasterloanassistance.sba.gov. Applicants may call the administration’s customer service line at 800-659-2955 or email email@example.com.
Hearing-impaired individuals may call 800- 877-8339.
Completed applications are mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
— Annelise Hanshaw