The U.S. Small Business Association recently announced that economic injury loans are available as the result of a disaster declaration made in the state. Though farmers and ranchers cannot apply for the loans, small businesses, agricultural cooperatives and nonprofit organizations may qualify.
"When the secretary of agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster," Frank Skaggs, director of SBA's Field Operations Center East, said.
The funds are being made available because of rain and flooding experienced in the state since January 1, 2009. Those who apply for the loans may be eligible for up to $2 million, with interest rates of 4 percent and terms of up to 30 years.
Alabama has not been the only state that experienced extreme weather during last year. From the Midwest to the Northeast, farmers found planting and harvesting difficult because of wet conditions.
