Businesses in Northern Minnesota's drought disaster area are eligible for low-interest federal loans.
On Wednesday, Sept. 23, the U.S. Small Business Administration announced Economic Injury Disaster Loans are available for businesses in Beltrami, Itasca, Koochiching, Lake of the Woods and St. Louis counties.
The USDA declared the counties a drought disaster area earlier this month after a summer of persistently parched conditions.
The SBA named small businesses, private nonprofits and faith-based organizations, small farm cooperatives and nurseries and fish farm enterprises as eligible for the funds. The impacts may date back to June 16.
The loans provide "working capital assistance for operational expenses caused by the disaster," according to the agency.
The maximum amount for an Economic Injury Disaster Loan is $2 million. The loan term may last up to 30 years, and recipients are not required to make payments or pay interest for the first year after distribution.
The deadline to apply for the loan is April 26, 2027.
More information, including how to apply, is available at the SBA's disaster relief website.
