SBA Offers Low Interest Loans to Minnesota Small Businesses and Drought Affected Nonprofits

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(KNSI) – Loans are available to small businesses, small agricultural cooperatives and private nonprofit organizations affected by the drought.

IN U.S. Small Business Administration (SBA) announced that they are accepting applications for Natural Disaster Loans (EIDL). Low-interest disaster loans are available in Stearns, Benton, Sherbourne, Wright and Morrison County, as well as 26 other counties. These are Aitkin, Becker, Beltrami, Cass, Clay, Clearwater, Ravenwing, Douglas, Hubbard, Itasca, Kandiyohi, Kitson, Kuchiching, Forest Lake, Makhnomen, Marshall, Meeker, Norman, Otter tail, Pennington, Polk, Pope. , Red Lake, Roseau, Todd and Wadena Counties.

The EIDL SBA is available to eligible agricultural and non-agricultural organizations that have suffered financial losses as a direct result of the drought. Apart from aquaculture businesses, the SBA cannot provide disaster loans to farmers and ranchers. Nurseries are eligible to apply for a disaster economic loss loan to recover damages caused by drought.

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.

Officials say a drought began in Minnesota on May 19.

Applicants can apply online using Electronic Loan Application (ELA).

Emergency loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by emailing DisasterCustomerService@sba.gov.

Completed applications must be sent to the United States Small Business Administration, Funds Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit your completed loan applications to the SBA no later than March 16, 2022.

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