SBA Offering Disaster Loans Due To Alabama Drought

Federal officials say disaster loans are available to small businesses and other organizations as a result of drought in Alabama.

The U.S. Small Business Administration said in a statement that economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations in Calhoun, Cherokee, Cleburne, DeKalb and Etowah counties.

The loans are available for drought conditions that occurred between July 3 and Aug. 27, 2012.

SBA officials say loan amounts can be up to $2 million with interest rates of 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Copyright 2012 The Associated Press.