U.S. Small Business Administration working capital disaster loans are now available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Minnesota, including Cass County, affected by three natural disasters.
For excessive rain and flooding April 11-Nov. 30, 2019, loans are available in the following counties: Becker, Beltrami, Cass, Chippewa, Clearwater, Hubbard, Itasca, Kittson, Koochiching, Lac Qui Parle, Lake of the Woods, Lincoln, Lyon, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, Redwood, Renville, Roseau and Yellow Medicine in Minnesota; and the contiguous counties of Grand Forks, Pembina and Traill in North Dakota; and Deuel in South Dakota.
For high winds and a tornado Aug. 17-18, 2019, loans are available in the following counties: Cottonwood, Jackson, Murray, Nobles and Rock in Minnesota; and the contiguous counties of Lyon and Osceola in Iowa.
For excessive rain, flooding and excessive snow beginning Sept. 21, 2019, loans are available in the following counties: Beltrami, Kittson, Marshall, Pennington, Polk and Roseau in Minnesota; and the contiguous counties of Grand Forks, Pembina and Walsh in North Dakota.
Submit completed loan applications to SBA no later than Sept. 30.
Under these declarations, 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 these disasters. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.75% for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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.
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 firstname.lastname@example.org. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.