ATLANTA, April 27, 2015 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations located in Minnesota that May 26, 2015 is the deadline to apply for a working capital disaster loan as a result of heavy rainfall, flooding, ground saturation, standing water and colder than normal temperatures from May 1, 2014 through July 1, 2014.
The SBA's disaster declaration includes the following counties: Aitkin, Anoka, Beltrami, Benton, Blue Earth, Carlton, Carver, Cass, Chisago, Clearwater, Crow Wing, Dakota, Douglas, Grant, Hennepin, Isanti, Itasca, Kanabec, Koochiching, Lake of the Woods, Le Sueur, Marshall, McLeod, Meeker, Mille Lacs, Morrison, Nicollet, Otter Tail, Pennington, Pine, Polk, Pope, Ramsey, Red Lake, Rice, Roseau, Saint Louis, Scott, Sherburne, Sibley, Stearns, Stevens, Todd, Traverse, Wadena, Waseca, Washington, Wilkin and Wright 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 loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, 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.
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 [email protected]. Loan applications can be downloaded from 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 26, 2015.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 15-200, MN 14126
Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration