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.