Home Correctional service Drought loans available for Magic Valley residents | HER

Drought loans available for Magic Valley residents | HER

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TWIN FALLS – The United States Small Business Administration offers economic disaster loans in 19 counties in Idaho.

These low-interest loans are intended to offset economic losses from reduced incomes caused by the drought that began June 29, an SBA spokesperson said.

Last year, the state experienced a drought “unprecedented in recent memory,” according to the Idaho Department of Water Resources. The department issued a drought emergency for Twin Falls County in July.

Small non-agricultural businesses, agricultural cooperatives, aquaculture businesses and most private non-profit organizations can apply for a loan. Agricultural or livestock operations cannot receive a loan, but nurseries are eligible.

The application deadline is March 7. Magic Valley residents in Twin Falls, Jerome, Cassia, Minidoka and Blaine counties are eligible.

The interest rate is 2.88% for businesses and 2% for private non-profit organizations.

Applicants can apply online at catastropheloanassistance.sba.gov.

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