Local/AP
SBA disaster loans available in Lee County
Associated Press
02/01/10 12:26 PM EST
RICHMOND, VA. — Small businesses, nonprofits and small agricultural cooperatives in Lee County affected by excessive rainfall last fall can apply for federal disaster loans.
The Small Business Administration said Monday that Lee County is eligible for the aid because it's adjacent to counties in Tennessee covered by a federal disaster declaration.
Affected organizations can apply for working capital loans of up to $2 million. The loans can be used to pay bills that could have been paid if the disaster hadn't occurred, such as debts, payroll and accounts payable.
The loans' interest rate is 4 percent, with terms of up to 30 years.
Farmers, ranchers and agricultural producers are not eligible for these loans.
