Deadline approaching in Minnesota for SBA Working Capital Loansdue to excessive moisture and flooding
The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Aug. 13 is the filing deadline for Federal Economic Injur...
The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Aug. 13 is the filing deadline for Federal Economic Injury Disaster Loans in Minnesota as a result of excessive moisture and flooding from Aug.1 through Oct. 31, 2017.
This disaster declaration includes: Aitkin, Carlton, Itasca, Koochiching, Lake and Saint Louis counties.
Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.
The loans are for working capital and can be up to $2 million with interest rates of 3.305 percent for eligible small businesses and 2.50 percent for nonprofit organizations, and terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at DisasterLoan.sba.gov.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155. Completed loan applications must be returned to SBA no later than Aug. 13, 2018.