Feds OK small business loans for farmers hit by spring cold snaps

By: The Associated Press
By: The Associated Press

The U.S. Small Business Administration says federal disaster loans will be made available to some farmers in four northern Indiana counties whose crops were damaged by a series of cold snaps last spring.

Farmers in Elkhart, LaPorte, St. Joseph and Steuben counties can apply for the low-interest loans if they sustained losses from several frosts and freezes that occurred between April 4th and June 13th.

The counties are adjacent to counties in Michigan where spring frosts and freezes devastated young buds on grape vines.

Farm-related and nonfarm-related businesses that had economic losses as a result of the disaster are eligible for loans up to 1.5 million dollars at a four percent interest rate.

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