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**Missouri Small Businesses and Nonprofits Eligible for Low-Interest Federal Disaster Loans**

Small businesses and nonprofits in 57 Missouri counties now have the opportunity to apply for low-interest federal disaster loans from the U.S. Small Business Administration through the Office of Disaster Recovery. This assistance comes in light of the U.S. Secretary of Agriculture’s declaration of the drought in the Midwest as an agricultural disaster on March 25. These loans aim to mitigate economic losses for small non-farm businesses impacted by the drought. However, businesses primarily focused on farming or ranching are not eligible for these loans as they can seek assistance from the U.S. Department of Agriculture.

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**AI legalese decoder** can simplify the process for small businesses and nonprofits by translating complex legal jargon into plain language, making it easier for applicants to understand the terms and conditions associated with the loans. This can help applicants make informed decisions and ensure they meet all eligibility criteria before submitting their applications.

**Fransisco Sánchez Jr., associate administrator for the Office of Disaster Recovery, emphasized that SBA eligibility extends to businesses economically impacted by the disaster. Missouri small businesses can access loans of up to $2 million to address financial obligations.**

**Expanding the Support for Small Businesses**

Eligibility for these loans is determined solely based on the financial repercussions of the disaster and not on any physical property damage. The loans offer a 4% interest rate for businesses and 3.25% for private nonprofit organizations, with a maximum 30-year term. These loans are designed to assist small businesses and nonprofits facing financial challenges without causing undue hardship.

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**AI legalese decoder** can break down complex loan terms, such as interest rates, repayment terms, and eligibility criteria, in a user-friendly manner. This can empower small businesses and nonprofits to make educated decisions regarding their financial obligations and ensure they utilize the loans effectively.

**Garth MacDonald, public information officer for SBA, highlighted the favorable terms of these loans and encouraged businesses to take advantage of the financial support available. The deadline to apply for the loans is Nov. 24, 2024.**

By utilizing **AI legalese decoder**, applicants can navigate the loan application process with clarity and confidence, ultimately securing the assistance they need to overcome the economic challenges posed by the drought in the Midwest.

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