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Drought-affected businesses may qualify for federal loans

Some southwestern businesses affected by the ongoing drought may be eligible for federal loans. From Phoenix, KJZZ’s Mark Brodie has more.

MARK BRODIE: The U.S. Small Business Administration will offer low-interest federal disaster loans to small, non-farm businesses in Arizona, and certain counties in California, New Mexico, Utah and Nevada. The loans will cover drought-related damage during January and most of February. U.S. Agriculture Secretary Tom Vilsack declared the disaster on Wednesday. The loans are up to $2 million, and can last as long as 30 years. Interest rates range from 2.8 to 4 percent, depending on the applicant. In a statement, an SBA spokesman says eligibility is based on the financial impact of the disaster, in this case, the drought, and not any actual property damage. The deadline to apply for a loan is late October.