News Column

SBA Schedules Deadline in Minnesota to Apply for SBA Working Capital Loans

February 15, 2014

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 March 3 is the filing deadline for federal economic injury disaster loans.

According to a release, these loans are available in Dakota, Goodhue, Wabasha, Washington and Winona counties in Minnesota as a result of excessive rain and snow, and multiple periods of thawing and refreezing resulting in winterkill between January 1 and May 21, 2013

"These counties are eligible because they are contiguous to one or more primary counties in Wisconsin. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," according to Frank Skaggs, director of SBA's Field Operations

Center East.

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 working capital loan amount can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 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.

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. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury loan application is March 3.

More information:

https://disasterloan.sba.gov/ela

www.sba.gov/disaster

www.sba.gov

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