On Aug. 21, 2024, MD LEG Governor Moore reported the availability of farm loan from the US Agriculture Department for victims of drought in central and western Maryland.
Hardest hit drought areas include Allegany, Washington and Garrett counties in MD.
Emergency loans may be used to meet recovery needs, including replacement of essentials like equipment or livestock, reorganization of operations, or refinancing.
Multiple Farm Service Agency programs are eligible, including the Livestock Forage Disaster Program; Emergency Assistance for Livestock Program; Livestock Indemnity.
Also, Honeybees and Farm Raised Fish Program; Noninsured Crop Disaster Assistance.
US Agriculture Department's Farm Services Agency will review the loan applications based on the extent of the losses, the security available, and repayment ability.
On Aug. 7, SBA made disaster loans available for Maryland drought.
SBA made Economic injury disaster loans (EIDLs) available in Maryland drought.
EIDLs available for small businesses, agricultural cooperatives, businesses engaged in aquaculture, most private nonprofits with losses due to drought starting on Jul. 16.
Eligibility
Declaration includes primary county of Allegany and adjacent MD counties of Garrett, Washington; PEN Bedford, Fulton and Somerset; WV Hampshire, Mineral and Morgan.
EIDLs of up to $2 million are being made available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been timely paid had the disaster not occurred.
Application Deadline
Complete EIDL loan applications must be submitted to SBA by Mar. 31, 2025.
Aug. 2024 MD LEG Governor Reports Farm Loans
On Aug. 21, 2024, MD LEG Governor Moore reported the availability of farm loan from the US Agriculture Department for victims of drought in central and western Maryland.
Hardest hit drought areas include Allegany, Washington and Garrett counties in MD.
Emergency loans may be used to meet recovery needs, including replacement of essentials like equipment or livestock, reorganization of operations, or refinancing.
Multiple Farm Service Agency programs are eligible, including the Livestock Forage Disaster Program; Emergency Assistance for Livestock Program; Livestock Indemnity.
Also, Honeybees and Farm Raised Fish Program; Noninsured Crop Disaster Assistance.
US Agriculture Department's Farm Services Agency will review the loan applications based on the extent of the losses, the security available, and repayment ability.
