Sacramento, CA — Small non-farm businesses in Tuolumne and Calaveras Counties are now eligible to apply for low interest federal disaster loans.
Those loans can go up to 2 million dollars and come from the U.S. Small Businesses Administration (SBA). SBA officials say the loans are to offset lost revenue caused by the drought from February 21 through May 14th, 2012.
To be eligible: The loss must cover both economic impacts on businesses dependent on farmers and ranchers that have suffered production losses and businesses directly impacted by the disaster. Also, eligibility is based on the financial impact of the disaster only and not on any actual property damage.
The interest rate on the loans is 4% for businesses and 3% for private non-profit organizations with a 30 year maximum term.
Click here for more loan eligibility details.