One month left to apply for drought aid

OKLAHOMA CITY (AP) – Oklahoma businesses that have been damaged economically by the state’s ongoing drought have one month left to apply for a federal disaster loan from the U.S. Small Business Administration.

Tanya N. Garfield, director of the SBA’s regional office, says Jan. 28 is the deadline for small, nonfarm businesses in 34 Oklahoma counties and neighboring counties in Kansas and Missouri to apply for the disaster loans. The loans are designed to offset economic losses caused by a continuing drought that began on April 1.

Garfield says small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations may seek loans of up to $2 million to meet needs caused by the disaster.

The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations.