The U.S. Small Business Administration is making low-interest loans available to Benton County businesses in response to the ongoing drought, but not all are eligible. 

The loans are available in counties across Washington and Oregon that are part of the federal disaster declaration because of the drought. In Washington, along with Benton County, Yakima and Klickitat counties are included in the disaster declaration. The Oregon counties of Morrow, Gilliam, Sherman and Wasco are also covered under the disaster declaration. 

The federal agency’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries and private nonprofits – including faith-based organizations – with financial losses directly related to the disaster. 

Loans can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for private nonprofits with terms up to 30 years. Interest does not accrue, and payments are not due until one year from the date of the first loan disbursement.  

However, the disaster loans are not available for all enterprises affected by the drought. SBA is unable to provide disaster loans to agricultural producers, farmers or ranchers, except for small aquaculture enterprises. Aid for those businesses may be available via the U.S. Department of Agriculture’s Farm Service Agency’s disaster relief programs.