SBA loans reopen, farmers now eligible

Listen to this article

Applications for the U.S. Small Business Administration’s Economic Injury Disaster loan reopened Monday with additional funding from the COVID-19 relief bill signed into law a week ago.

This time around, farmers, ranchers and other agricultural businesses with less than 500 employees are eligible to apply for the first time, according to a news release.

“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,” SBA Administrator Jovita Carranza said in the release.

All agricultural enterprises that had applied for assistance before becoming eligible will be first in line, with additional assistance provided to other businesses that applied before the April 15 cut-off on a limited first-come, first-served basis.

“These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains” Carranza said in the release.