Deadline looms for US loans for parts of E. Shore

Thursday - 4/11/2013, 4:10am EDT

RICHMOND, Va. (AP) -- The deadline is approaching for small businesses, agricultural cooperatives and private non-profit organizations to apply for federal economic disaster loans in Accomack County on Virginia's Eastern Shore.

May 6th is the deadline for the assistance available as the result of drought and excessive heat that began one year ago. Accomack County is eligible because it is contiguous to one or more primary designated counties in Maryland.

The working capital loans can range up to $2 million with interest rates as low as 4 percent, or 3 percent for non-profits. Terms are up to 30 years.

The Small Business Administration loans are not available to agricultural producers, farmers or ranchers.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.