Drought Loans are Available

Small businesses and agricultural cooperatives in the Southern Tier may be in line for loans of up to $2 million.

The Small Business Administration is offering assistance to businesses affected by this summer’s drought.

Money at a lower interest rate can be used to meet payroll and other expenses but will not reimburse for crop and profit losses.

The loans carry interest rates of 2.625% for private nonprofit organizations and 4% for small businesses.