SBA Offering Low-Interest Loans For Drought Losses

Friday, January 26th 2007, 6:22 am

By: News On 6

OKLAHOMA CITY (AP) -- Small businesses in five counties in northeastern Oklahoma may now apply for low-interest disaster loans from the US Small Business Administration for drought damage.

The SBA announced Thursday that 40 Kansas counties and areas in neighboring states like Oklahoma, Missouri and Nebraska could get loans.

The loans are to offset economic losses due to reduced revenues caused by the drought, followed by excessive winds and above-average temperatures.

Craig, Kay, Nowata, Osage and Washington counties are included in that group.

By law, the SBA makes Economic Injury Disaster Loans available when the US Secretary of Agriculture designates an agricultural disaster. Secretary Mike Johanns declared a disaster at the request of Kansas Governor Kathleen Sebelius.

Businesses engaged in farming and ranching aren't eligible for SBA assistance, but officials say they can go through the Farm Services Agency for help.