WASHINGTON - The U.S. Small Business Administration has announced that federal Economic Injury Disaster Loans are available to help Ohio businesses affected by the ongoing drought.

The declaration covers 43 counties in Ohio and West Virginia, including Columbiana County.

Businesses in these counties that have suffered economic losses due to the drought that began on August 20, 2024, are eligible to apply for the loans.

"These working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers' crop losses," said Francisco Sánchez, Jr., associate administrator for the SBA's Office of Disaster Recovery and Resilience. "These loans help sustain rural economies when a disaster occurs."  

Eligible businesses include small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations. It's important to note that, apart from aquaculture enterprises, traditional farms and ranches are not eligible for the program. Nurseries, however, can apply for loans to cover losses caused by the drought.  

The SBA loans can provide up to $2 million in assistance, with interest rates as low as 3.25% for non-profits and 4% for small businesses. The loans also come with flexible repayment terms of up to 30 years. Payments are not due until 12 months after the first loan disbursement.

"The loans are not intended to replace lost sales or profits," the SBA noted in a press release. Instead, they are designed to help businesses cover fixed debts, payroll, and other bills that could have been paid if not for the drought.

The deadline to apply for the EIDL program is April 28, 2025. Interested businesses can find more information and apply online at SBA.gov/disaster.