Non-farm small-business owners in drought-stricken San Juan County have been declared eligible for federal aid stemming from losses linked to the drop in 1990 agricultural income, the Small Business Administration says.
The aid was made available as the result of a disaster designation for the southeastern Utah county approved recently in Washington by SBA Administrator Susan Engeleiter.Stan Nakano, district SBA director, said the designation also allows small agricultural cooperatives to apply for economic injury disaster loans.
All applicants must demonstrate substantial economic injury and must be unable to offset such injury through use of their own credit and personal resources.
Those who qualify could receive loans of up to $500,000, at 4 percent interest. The terms of the loans could run up to 30 years, Nakano said in a news release received Wednesday.
Under this particular designation, however, enterprises engaged primarily in farming or ranching are not eligible, he added.