RICHMOND, Va. (AP) - Federal low-interest loans up to $2 million are available to three western Virginia counties as a result of a drought last year.
The counties are Augusta, Bath and Highland. They are eligible as a result of the drought that occurred in those localities from June 1 through Oct. 31.
The US. Small Business Administration loans are available to small businesses, agricultural cooperatives and businesses involved in aquaculture. Private nonprofits also are qualified.
The loans are available to cover losses that are a direct result of the drought. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.
Lending rates are as low as 2.65 percent for private nonprofits.