U.S. Senator Pete Domenici (R-N.M.) announced this week that the U.S. Small Business Administration is now accepting applications for disaster relief loans to counter damages done by severe drought conditions since January 2003.
SBA is offering businesses in Eddy and Lea counties the opportunity to apply for low-interest economic injury disaster loans that amount to $1.5 million and may be extended for 30 years.
“It’s not just farmers who suffer from droughts and severe weather. Small companies that rely on the business of farmers will also suffer economic losses,” Domenici said. “These loans help businesses recuperate from the injuries they sustained when farmers stopped purchasing goods because their crops failed.”
In April, Domenici confirmed that the USDA approved a natural disaster designation for Lea and Eddy counties as part of a broader disaster designation covering a number of West Texas counties.
“While this loan is designed specifically for businesses reliant on providing services to farmers, a different Farm Service Agency low-interest emergency loan is available for ranchers and farmers in these areas,” Domenici said. “As we enter the summer, businesses and farmers alike must prepare for additional high winds and acute heat as the western states struggle to pull out of this drought.”
The deadline for filing an SBA application is Dec. 23, 2004.
Businesses in the following Texas counties are also eligible to apply: Andrews, Baylor, Brewster, Crane, Crockett, Culberson, Ector, Haskell, Hudspeth, Jeff Davis, Jones, King, Knox, Loving, Midland, Pecos, Presidio, Reeves, Shackelford, Stonewall, Throckmorton, Upton, Ward, and Winkler.
Was this article valuable?
Here are more articles you may enjoy.