Businesses negatively impacted by this year’s warm and snowless winter may be eligible for loans through the Small Business Administration.
Eighty-one counties in the state are currently covered by federal disaster declarations for drought conditions, exacerbated by the lack of snowfall in Minnesota. From December to February, Minnesota experienced the warmest meteorological winter on record.
Under the Economic Injury Disaster Loans program, businesses can borrow up to $2 million to cover their actual losses. They pay no interest on the loan for the first year and no more than 4% for the rest of the loan period.
A webinar hosted by the SBA will be at 10 a.m. Friday, March 15, to provide information about the disaster declaration, how to apply for a loan, and the use of loan proceeds. Business owners can learn more about eligibility, find an application and learn more about application deadlines for their county at the SBA's disaster assistance page.
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