The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that June 4 is the filing deadline for federal economic injury disaster loans in Minnesota as a result of excessive rain, flash flooding and flooding from June 17 through July, 3, 2018.
The SBA’s disaster declaration includes the following counties: Cottonwood, Lyon, Murray, Nobles, Pipestone, Redwood and Rock in Minnesota.
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 3.61 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.