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Loans for drought losses available in Alcorn, Tishomingo counties

Small businesses, agricultural cooperatives and certain nonprofits in Alcorn and Tishomingo counties are eligible for federal disaster loans because of drought conditions in the area.

The U.S. Small Business Administration announced Monday that the entities are eligible for economic injury disaster loans if they suffered financial losses tied to the drought that began in November.

The SBA says it can’t provide disaster loans to farmers or ranchers, with the exception of aquaculture businesses. Nurseries, however, are eligible to apply for the federal aid.

Loans from the SBA can be up to $2 million, carrying interest rates of 2.5 percent for private nonprofits and just above 3 percent for small businesses. Repayment can stretch over as many as 30 years. Terms depend on each applicant’s finances.

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