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Deadlines approach for federal drought aid

Updated: Wednesday, 27 Feb 2013, 12:32 PM EST
Published : Wednesday, 27 Feb 2013, 12:32 PM EST

INDIANAPOLIS (AP) - The U.S. Small Business Administration is reminding small businesses, agricultural cooperatives and private, nonprofit organizations in Indiana that deadlines are approaching to file for federal disaster loans to help cover losses from last year's drought.

The loans are available to entities that suffered financial losses as a direct result of the drought. Deadlines for applying vary by county and stretch from March 12 to April 29.

Loans up to $2 million are available, with interest rates from 3 to 4 percent and terms of up to 30 years.

The loans are not intended to replace lost sales or profits. They can be used to pay fixed debts, payroll and other bills that could have been paid had the disaster not occurred.

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