May 13 Deadline Approaching in Minnesota for SBA Working Capital Loans Due to Drought
ATLANTA, April 10, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that May 13 is the filing deadline for federal economic injury disaster loans. These loans are available in Minnesota as a result of drought that began on July 17, 2012.
This disaster declaration includes the following counties: Becker, Beltrami, Blue Earth, Brown, Cass, Clay, Clearwater, Cottonwood, Dodge, Faribault, Fillmore, Freeborn, Houston, Hubbard, Itasca, Jackson, Kittson, Koochiching, Lake of the Woods, Le Sueur, Lincoln, Lyon, Mahnomen, Marshall, Martin, Mower, Murray, Nicollet, Nobles, Norman, Olmsted, Otter Tail, Pennington, Pipestone, Polk, Red Lake, Redwood, Renville, Rock, Roseau, Steele, Wadena, Waseca, Watonwan, Wilkin and Winona in Minnesota and contiguous counties of Allamakee, Dickinson, Emmet, Howard, Kossuth, Mitchell, Osceola, Winnebago, Winneshiek and Worth in Iowa; Cass, Grand Forks, Pembina, Richland, Traill and Walsh in North Dakota; and Brookings, Minnehaha and Moody in South Dakota.
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. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The working capital loan amount can be up to $2 million with interest rates as low as 4 percent for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
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. Loan applications can be downloaded from the SBA's website at www.sba.gov. Completed applications should be mailed to: 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 May 13, 2013.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Michael Lampton
Release Number: 13-483, MN 13297
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration