Disaster loans available to help drought-affected small businesses

(KNSI) – Loans from the U.S. Small Business Administration are available for agricultural cooperatives and nonprofits in Sherburne and Wright counties that suffered losses due to the drought that began in July.

The Secretary of Agriculture has declared a disaster due to the dry conditions that began this summer, which opens several categories of small businesses, small agricultural cooperatives and non-profit organizations to an economic disaster loan . Agricultural producers, farmers and ranchers are not included in the program.

The worst-hit areas of the state have experienced severe drought for the past two months, a category two designation. Although not as extreme as last year’s drought, it still has significant consequences.

Loans can be up to $2 million to help cover day-to-day expenses such as rent and employee health care benefits. Interest rates vary between 1.875% and 2.935% with terms up to 30 years.

For more information on the EIDL program, visit here.

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