The U.S. Small Business Administration is offering loans of up to $2 million to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in the North Country drought area.

The SBA, following up on the United States Department of Agriculture declaration that St. Lawrence County farmers are eligible for emergency drought loans, are making federal Economic Injury Disaster Loans available to St. Lawrence County

The SBA Wednesday joined the USDA in declaring St. Lawrence County as part of the drought disaster area, making its special loans available.

The loans have interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.

“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s 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. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.