Create a free Feed & Grain account to continue reading

SBA Opens Grants, Loans to Agribusinesses

Agency reopens portal as a result of additional funding

Money 2724241 19201

Agricultural employers can now start applying for grants and low-interest, long-term loans through the Small Business Administration's Economic Injury Disaster Loan program.

U.S. Department of Agriculture Secretary Sonny Perdue applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration (SBA)’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.

“America’s farmers, ranchers, and producers need the same help that other American businesses need during this unprecedented time,” says Secretary Perdue. “This significant new authority signed by President Trump will make a tremendous difference for America’s agricultural community.”

SBA’s EIDL portal has been closed since April 15. The agency, however, is able to reopen the portal in a limited capacity as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act.

The legislation, which was signed into law by the president one week ago, provided additional critical funding for farmers and ranchers affected by the Coronavirus (COVID-19) pandemic.

In order to help facilitate this important change to EIDL Loan and EIDL Advance assistance eligibility, SBA is re-opening the Loan and Advance application portal to agricultural enterprises only.

For agricultural producers that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for reapplying.

All other EIDL loan applications that were submitted prior to April 15 will be processed on a first-in, first-out basis.

Page 1 of 72
Next Page