June 24 Deadline Approaching in Minnesota for SBA Working Capital Loans

May 24, 2013, 09:24 ET from U.S. Small Business Administration

ATLANTA, May 24, 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 June 24 is the filing deadline for federal economic injury disaster loans. These loans are available in Minnesota as a result of the drought that began on Oct. 16, 2012. 

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The disaster declaration includes the following counties: Anoka, Benton, Big Stone, Carver, Chippewa, Douglas, Grant, Hennepin, Isanti, Kandiyohi, Lac qui Parle, McLeod, Meeker, Mille Lacs, Morrison, Pope, Renville, Sherburne, Sibley, Stearns, Stevens, Swift, Todd, Traverse, Wright and Yellow Medicine in Minnesota; and Grant and Roberts 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  of 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 disastercustomerservice@sba.gov.  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 June 24, 2013.

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

Release Number: 13-571, MN 13356

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

SOURCE U.S. Small Business Administration