SBA loans now available for Miss. agribusinesses affected by COVID-19 pandemic
WASHINGTON (WDAM) - The COVID-19 pandemic has had a devastating effect the economy, including Mississippi’s agriculture and agribusiness industry.
Assistance through the Small Business Administration is now available for eligible Mississippi agriculture producers and agribusinesses suffering losses associated with the pandemic.
According to U.S. Sen. Cindy Hyde-Smith, there have been some changes to the loan program, and more people are now eligible for grants and loans.
“We made it a point to make low-interest, long-term SBA loans available to agricultural producers, whose ability to survive the pandemic is critical,” said Hyde-Smith, who serves on the Senate Agriculture Appropriations Subcommittee and Senate Agriculture Committee. “This is a whole new avenue for our producers to access the capital they need to remain operational, to keep workers on the job and to produce the food we all depend on.”
The SBA was previously barred from offering help to agriculture businesses but can now issue grants of up to $10,000 and loans up to $2 million.
To find out if you qualify, visit covid19relief.sba.gov.
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