Nantucket Businesses Impacted By Drought Now Eligible For Federal Disaster Loans

Nantucket businesses and non-profits affected by the island's ongoing drought conditions may soon receive financial relief.

The U.S. Small Business Administration (SBA) announced Monday that it was making low-interest federal disaster loans available to eligible small businesses and private non-profit organizations impacted by drought "beginning June 16."

Nantucket has been under a Level 2 "significant" drought for most of 2026, as declared by the state's Drought Management Task Force. The designation required the Wannacomet Water Company to impose water-use restrictions, including a ban on automatic irrigation. Those restrictions impacted numerous island businesses, including landscaping and irrigation companies, pool maintenance businesses, power-washing companies, marine-related businesses, and others.

The loans are intended to provide working capital assistance for operational expenses caused by the drought and the related restrictions. Eligible businesses can qualify for up to $2 million in loan funding with interest rates as low as 4 percent for small businesses and 3.625 percent for non-profits. Loan terms extend up to 30 years, and there will be no interest or required payments during the first 12 months after disbursement.

The application deadline is April 26, 2027.

To submit an application, click here. For more information, applicants may call the SBA Customer Service Center with questions at 800-659-2955 or email disastercustomerservice@sba.gov.