Guthrie and Adair County residents still have time to apply for disaster loans through the U.S. Small Business Administration (SBA). The application deadline for small, non-farm businesses to apply for the low-interest loans is Wednesday, April 25th. The loans are meant to offset economic losses due to reduced revenues caused by drought.
In addition to small, non-farm businesses, the following businesses qualify for the loans: small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations. The entities can apply for up to $2 million to help meet working capital needs caused by drought. They also may be used to pay fixed debts, payroll, accounts payable, and other bills. The interest rate is 3.305% for businesses and 2.5% for private nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The two counties, as well as Dallas, are among 26 in the state that qualify for the loans. A link for more information can be found below: