The U.S. Small Business Administration has made federal economic disaster loans available to select Connecticut businesses and nonprofits that were hit by drought this summer.
Officials said the loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations suffering economic losses from the drought that began on 9 August 2022.
The SBA Economic Disaster Loan program is for eligible farm and non-farm entities that have suffered financial loss as a result of the disaster. To be eligible, businesses or organizations must be from Fairfield or Litchfield counties.
The loan amount can be up to $2 million with interest rates of 3.04% for small businesses and 1.875% for private nonprofits with terms up to 30 years, according to the SBA American.
The U.S. SBA has also made economic disaster loans available to select businesses and nonprofits across the state that have been impacted by the drought and excessive heat that began in May. In order to qualify for this loan, businesses or organizations must be from Hartford, Litchfield or Tolland counties.