Illinois agriculture professionals are getting additional government help.
The U.S. Small Business Administration announced Aug. 14 that Economic Injury Disaster
Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Illinois as a result of excessive moisture and flooding.
The loans are available to the entire state of Illinois.
A news release from the SBA explained that the move comes in the wake of the disaster declaration from the USDA.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East, in a news release.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible
farm-related and nonfarm-related entities that suffered financial losses as a direct result of this
disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to
agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 3.675 percent for small businesses and 2.5 percent for private nonprofit organizations of all sizes, with terms up to 30 years.