Agriculture

Drought Loans Available to Magic Valley Residents | Southern Idaho Agriculture News

TWIN FALLS – The U.S. Small Business Administration is offering disaster loans in 19 Idaho counties.

These low-interest loans are designed to offset economic losses due to declining incomes caused by the drought that began on June 29, an SBA spokesman said.

There was a drought in the state last year, “which was unprecedented in recent memory,” the Idaho Department of Water said. In July, the department issued a drought emergency in Twin Falls County.

Small non-agricultural enterprises, agricultural cooperatives, aquaculture enterprises, and most private nonprofits are eligible to apply for a loan. Agriculture or livestock cannot get a loan, however nurseries are eligible.

The deadline for applications is March 7. Residents of Twin Falls, Jerome, Cassia, Minidoca and Blaine counties are eligible.

The interest rate is 2.88% for businesses and 2% for private nonprofits.

https://magicvalley.com/business/agriculture/drought-loans-available-to-magic-valley-residents/article_1a9a371c-0aef-5147-aa02-c101b870acff.html Drought Loans Available to Magic Valley Residents | Southern Idaho Agriculture News

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