ATLANTA (AP) — The U.S. Small Business Administration has extended its disaster loan program to six more Georgia counties affected by drought.
The loans target farm-related and other entities not covered by aid from the Department of Agriculture. Based on conditions since late July, the newly eligible counties are Bartow, Chattooga, Floyd, Gordon, Polk and Walker. Last month, SBA declared 12 other counties eligible for aid.
The loans cover fixed costs such as payroll and scheduled debt payments. They are capped at $2 million with terms up to 30 years. Interest rates are 3 percent for non-profits and 4 percent for small businesses. The SBA determines the amounts and specific terms.