Loans available to Gulf businesses after oil spill

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Associated Press

Posted on May 6, 2010 at 9:02 AM

WASHINGTON (AP) — The Obama administration is offering low-interest loans to businesses in parts of the Gulf Coast that have suffered financial losses from the massive oil spill.

The Small Business Administration says the loans will be available immediately to businesses along the Louisiana coast, as well as in some counties in Mississippi. Qualifying businesses include those engaged in fishing, suppliers of fishing gear and retailers who depend on revenue from fishing.

The April 20 spill shut down commercial and recreational fishing in parts of the region. The loans provide up to $2 million in working capital at an interest rate of 4 percent for up to 30 years.

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