Disaster loans extended to nonfarm small businesses

Low-interest disasters loans are now available for Missouri small, nonfarm businesses that have been adversely affected by drought or excessive heat.

The U.S. Small Business Administration has thrown its hat into the ring to aid all 114 Missouri counties, which have been declared disaster areas by both the state and federal governments.

Through the SBA's Economic Injury Disaster Loans program, businesses could qualify to borrow up to $2 million to help pay financial obligations and operating expenses that likely would have been met had the disaster not occurred. The loans are available for nonfarm small businesses, small agricultural cooperatives, small aquaculture businesses and most private, nonprofit organizations that meet the criteria, according to a news release from Gov. Jay Nixon's office.

“We’ve already taken extraordinary steps to help farmers and livestock producers who have suffered severe losses because of the heat and drought,” Nixon said in the release. “These loans through the SBA can help other businesses that also have been impacted directly by this disaster, or that depend on the farmers who have been hit hard.”

Businesses can apply on the SBA Web site.

Nixon has signed two executive orders activating the State Emergency Operations Plan and helping farmers drill or deepen wells or expand irrigation systems. Low-interest loans for farmers were made available July 17 after the U.S. Department of Agriculture designated all 114 counties in the state as natural disaster areas. Missouri Treasurer Clint Zweifel's office also has authorized 24-hour approvals on low-interest loans for farmers through the Missouri Linked Deposit Program, according to Springfield Business Journal archives.