SBA Deadline for Economic Injury Disaster Loans in Minnesota Approaching

ATLANTA, April 22, 2014 /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 19 is the filing deadline for federal economic injury disaster loans in Minnesota as a result of severe freezing and excessive snow; excessive rainfall and flooding from Jan. 1 through Aug. 2, 2013.

The loans are available in the following counties:  Beltrami, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Itasca, Koochiching, Lake of the Woods, Mower, Olmsted, Rice, Roseau, Saint Louis, Steele, Wabasha, Waseca and Winona in Minnesota; and Howard, Mitchell, Winnebago and Worth in Iowa

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 4 percent for eligible small businesses and 2.875 percent for non-profit organizations, and 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 disastercustomerservice@sba.gov.  Loan applications can be downloaded from the SBA's website at www.sba.gov/disaster. 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 19, 2014.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Release Number: 14-193, MN 13772

Contact: Michael Lampton
Email: Michael.Lampton@sba.gov
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration



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