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SBA disaster loan applications due by July 28

Jul 03, 2008 @ 06:50 PM

By The Associated Press

The Associated Press

CHARLESTON, W.Va. (AP) _ Small businesses in 11 West Virginia counties affected by drought have until July 28 to apply for federal disaster loans.

The Small Business Administration says eligible businesses could qualify for loans up to $1.5 million. The loans are available for up to 30 years at a 4 percent interest rate.

A federal disaster declaration issued for counties in Ohio also covers bordering counties in West Virginia. They are: Cabell, Hancock, Jackson, Marshall, Mason, Ohio, Pleasants, Tyler, Wayne, Wetzel and Wood counties.

Businesses can seek loans if they suffered financial losses as a direct result of drought conditions that began in 2007.