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8 Idaho counties qualify for disaster loans for small businesses

The loans of up to $2 million will be made available for small nonfarm businesses
The loans are made available as a result of the area's drought
The loans are made available as a result of the area's drought(KMVT)
Published: Jun. 23, 2022 at 12:19 PM MDT
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SACRAMENTO, California (KMVT/KSVT) — Eight counties in southern Idaho now qualify for Economic Injury Disaster Loans, the Small Business Administration Administration announced on Thursday.

Businesses in Gooding, Jerome, Lincoln, Blaine, Camas, Cassia, Minidoka, and Twin Falls counties now qualify for the loans made available to offset the economic losses of the area’s drought.

In total, 23 counties in the state of Idaho qualify as well as two counties in Wyoming.

“SBA 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,” Garfield said.

The loans of up to $2 million will be made available for small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, and can go towards meeting financial obligations and operating expenses.

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.94 percent for businesses and 1.875 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

The loans are made available when the U.S. Secretary of Agriculture declares an agricultural disaster, which was done on June 13.

Applicants may apply online and receive additional information about disaster assistance here. The Department of the Interior also invites applicants to call 800-659-2955 for more information.

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