SBA announces low interest loans in fishery disaster

ANCHORAGE (AP) -- The Small Business Administration is making low-interest loans available to fishermen and small businesses hurt by the western Alaska salmon fishery disaster, federal officials announced Thursday.

The disaster loans are being offered following the agency's declaration Wednesday of a disaster in the Kuskokwim, Yukon and Norton Sound region.

Small businesses may qualify for loans of up to $1.5 million to meet financial obligations, federal officials said. The loans have a 4 percent interest rate, with maximum terms of 30 years, and are limited to businesses incapable of offsetting the negative impact of dismal runs of kings and chums.