Emergency Loans for Drought Available for Small Businesses in Idaho

Small businesses in a handful of counties in southern Idaho are now eligible to apply for low interest federal loans to help offset the costs of prolonged drought.

The U.S. Small Business Administration announced last week that nonfarm businesses may qualify for loans up to $2 million.

Agency director Tanya Garfield says eligibility will be determined on financial impact of the drought and not on any property damage.

Loans will have interest rates of 4 percent for businesses and roughly 2.6 percent for nonprofit organizations.

Applicants may apply online at the Small Business Administration website.

The deadline to apply is Jan. 13, 2016.