JONESBORO, Ark. (KAIT) - Agricultural businesses can now receive loans thanks to a program from the U.S. Small Business Administration.
According to a report from content partner Talk Business & Politics, the SBA’s Economic Injury Disaster Loan and EIDL Advance programs are allowed for businesses with fewer than 500 employees.
It’ll provide additional funding for farmers and ranchers and certain other agriculture businesses affected by the COVID-19 pandemic.
Businesses included in the program are involved in the legal production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and related agricultural industries.
“These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains,” Administrator Jovita Carranza said.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers, and other agricultural businesses will now have access to emergency working capital,” Carranza added.