SBA offers disaster loans to businesses affected by drought

FOX23 News at 9 p.m

CAPE GIRARDEAU, Mo. (KBSI) — The U.S. Small Business Administration is offering low-interest federal disaster loans to eligible small businesses and private nonprofit organizations impacted by drought conditions that began March 31.

Eligible Missouri counties include Bollinger, Cape Girardeau, Mississippi, New Madrid, Perry, Scott and Stoddard. Businesses and organizations in Alexander and Union counties in Illinois and Ballard, Carlisle, Fulton and Hickman counties in Kentucky also qualify.

The SBA’s Economic Injury Disaster Loan program provides working capital to help eligible businesses and nonprofits meet financial obligations and operating expenses affected by the disaster.

Applicants may qualify for loans of up to $2 million with interest rates as low as 4% for small businesses and 3.625% for private nonprofit organizations. Loan terms are available for up to 30 years, and no interest or payments are required during the first 12 months after funds are disbursed.

The deadline to apply for an Economic Injury Disaster Loan is March 29, 2027.

Businesses can apply online through the U.S. Small Business Administration or contact the SBA Customer Service Center for additional information.