Drought Disaster Loan Program from the SBA

ATLANTA - The U.S. Small Business Administration (SBA)  announced today that federal Economic Injury Disaster Loans (EIDLs) are available in Maryland for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought that began on July 16.

“Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans help sustain rural economies when a disaster occurs.”

Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL)​ program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.