- Eligible Connecticut businesses can apply for Economic Injury Disaster Loans related to a drought that affected the state last fall
- Loans can be used to pay expenses that would have been met if not for the drought
- Businesses can borrow up to $2 million
Summary by Dirk Langeveld
Connecticut businesses and nonprofit that suffered financial hardships due to a drought last fall have until next month to apply for an Economic Injury Disaster Loan.
The relief is available to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations in Hartford, Litchfield, Middlesex, New London, Tolland, and Windham counties. Eligible entities have until June 15 to apply for the loans.
- Loans can be up to $2 million, with interest rates of 3 percent for small businesses and 2.75 percent of nonprofit organizations, and have terms of up to 30 years
- Funds can be used to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid if the disaster had not occurred; the loans cannot be used to replace lost sales or profits
- Applications can be made online through disasterloan.sba.gov under the U.S. Small Business Administration declaration #16741
