Panhandle Times

The U.S. Small Business Administration (SBA) is supplying low-interest federal loans to small, non-farm businesses in 20 Texas and New Mexico counties. 

Seven counties eligible for these loans are Castro, Deaf Smith, Swisher, Parmer, Briscoe, Donley and Gray counties, according to a press release. The loans will help small businesses in these counties face the impacts the drought has caused on their business. 

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” SBA Disaster Field Operations Center-West Director Tanya Garfield said. 

Any small agricultural, non-farm or small businesses involved with aquaculture could be eligible to apply for loans up to $2 million, according to the SBA. 

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage,” Garfield said. "These loans have an interest rate of 3% for businesses and 2.75% for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship."

The application deadline is March 16, 2021. 

Applications, help or more information on the loans can be accessed here. Businesses can also call the help center at 800-659-2955 or email disastercustomerservice@sba.gov.