SBA Loans Available in Otter Teil County for Agricultural Organizations
Aug 26, 2021 – Otter Tail County, Minnesota – The US Small Business Administration (SBA) announced today that “Loans for Economic Damage are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and private non-profit organizations in Minnesota due to the drought that began June 22, 2021.”
Low interest disaster loans are available in Otter Teil County. The US Secretary of Agriculture issued a disaster statement to help farmers recover from crop damage and loss due to drought in much of the Midwest.
According to the SBA, due to the announcement of the natural disaster, the SBA’s Disaster Injury Loans (EIDL) program is available to eligible agricultural and non-agricultural organizations that have suffered financial losses as a result of the disaster. However, the SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for a disaster economic loss loan to recover damages caused by drought.
Details of the loan:
- The loan amount can be up to $ 2 million with an interest rate of 2.88 percent for small businesses and 2 percent for private non-profit organizations of any size for up to 30 years.
- The SBA determines eligibility based on the applicant’s size, business and financial resources.
- Loan amounts and conditions are set by the SBA and are based on the financial condition of each applicant.
- These working capital loans can be used to pay fixed debts, wages, payables, and other bills that might have been paid if the disaster hadn’t happened.
- Loans are not intended to replace lost sales or profits.
Apply online for DisasterLoanAssistance.sba.gov/ela/s/ and applicants must apply in accordance with SBA Declaration # 17100. You can call the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or send an email to DisasterCustomerService@sba.gov…
Loan applications can be downloaded from sba.gov/disaster.
PLEASE NOTE: Completed applications must be mailed to the U.S. Small Business Funds Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155, no later than April 13, 2022… Otter Tail County is unable to process applications. You can find more information at ottertailcountymn.us/business-and-development-resources/