Agriculture Secretary Russell Redding encouraged farmers, small agricultural cooperatives, aquaculture businesses and other small businesses and non-profits to apply for low-interest federal loans to help them recover from losses due to excessive heat and draught between June 18 and Sept. 14 of this year.
Following U.S. Agriculture Secretary Tom Vilsack’s four disaster declarations for New Jersey counties, USDA Farm Service Agency disaster recovery loans and Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) are now available in adjacent Pennsylvania counties Bucks, Delaware, Monroe, Northampton, Philadelphia and Pike.
Farmers and other agriculture producers are eligible to apply for USDA disaster recovery loans. Nurseries are eligible to apply for SBA loans to recover from drought-related damage. Businesses not eligible for USDA emergency loans may be eligible for SBA loans.
“These vital federal resources can mean the difference between surviving and going under after bouts of increasingly severe weather,” said Redding. “Just as we hope agriculture businesses don’t leave money on the table that helps them assess their risks, diversify revenue and plan for growth, we would encourage Pennsylvania businesses to take advantage of federal loans to help them recover from severe weather.”
Loan amounts can be up to $2 million with interest rates of 2.935 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.
Applicants in Pennsylvania should search for current disaster declarations in New Jersey – four declarations cover different PA counties and date ranges — and follow directions to apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/