Drought-Impacted New Mexico Businesses Eligible for Loans

Small, nonfarm business in Cibola County and seven neighboring New Mexico counties that have been affected by drought now can apply for low-interest federal disaster loans.

The deadline to apply for up to $2 million in loans from the U.S. Small Business Administration is March 18.

U.S. Agriculture Secretary Tom Vilsack declared Cibola County an agricultural disaster area earlier this month.

The SBA is making the loans available to businesses there and in New Mexico’s Bernalillo, Catron, McKinley, Sandoval, Socorro and Valencia counties, and Apache County in Arizona.

The loans will not cover actual property damage. Rather, they’re based on the financial impact to businesses that are dependent on farmers and ranchers.

Small agricultural cooperatives and aquaculture businesses, as well as most private, nonprofit organizations are eligible.