A hot, dry summer may make for happy businesses owners at Delaware’s beaches, but Delaware farmers aren’t so happy. Now, there’s federal disaster loans available to mitigate the impact of this year’s dry weather.
The U.S. Drought Monitor report issued at the end of August showed a little improvement in Delaware’s rain total, but not enough to salvage crops that have been stunted by the lack of rain. As of late last month, Kent and Sussex County were still in a state of moderate or severe drought.
Delaware farmers are now eligible for the Small Business Administration’s Economic Injury Disaster Loan program. Financial losses directly related to the drought are eligible for relief. Those losses can be farm-related or non-farm-related.
Loans of up to two million dollars are available with a three percent interest rate for non-profit organizations and four percent for small businesses. Applications can be found on the Small Business Administration’s website.