NASHVILLE – The U.S. Small Business Administration today announced that continued drought in 14 Tennessee counties will result in federal Economic Disaster Loans becoming available to agricultural-related small businesses, cooperatives and nonprofit groups.
In a release, the agency defined the drought starting Oct. 18.
The declaration is for Rhea, Meigs, McMinn, Loudon, Knox, Anderson, Bledsoe, Cumberland, Fentress, Morgan, Putnam, Roane, Van Buren and White counties.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” explained Frank Skaggs, director of SBA’s Atlanta-based Field Operations Center East, in a news release.
The declaration means the Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.