SBA loans now available to agricultural businesses

Coronavirus Updates

SALT LAKE CITY, Utah (ABC4 News) – The Small Businesses Administration announced Monday that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan. The legislation, signed by President Trump one week ago, provides additional funding for farmers, ranchers and other agricultural businesses affected by the coronavirus outbreak.

“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” says SBA Administrator Jovita Carranza. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”

“Utah’s locally grown and processed foods represent 15 percent of Utah’s entire economy. The livestock industry alone accounts for $1 billion in commerce,” said SBA Utah District Director Marla Trollan. “To have access to the EIDL portal and the potential for funding is very good news.” 

For more information, please visit: www.sba.gov/Disaster.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

ABC4 PODCASTS

More Podcasts