THATCHER — The Eastern Arizona College Small Business Development Center announced that agribusinesses are now eligible to apply for funding help through the Economic Injury Disaster Loan Program.
Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” said SBA Administrator Jovita Carranza. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”
The EIDL carries a fixed interest rate of 3.75 percent and borrowers can opt to have a repayment term of up to 30 years. Also the EIDL offers an advance of a portion of the loan – up to $10,000 – that would be disbursed just days after a loan application has been approved, and the advanced does not have to be repaid.