News Column

North Dakota Small Businesses Have Three Weeks Left to Apply for SBA Disaster Loans

July 29, 2014



SACRAMENTO, Calif., July 29 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

The U. S. Small Business Administration (SBA) today reminded small, nonfarm businesses in 46 North Dakota counties and neighboring counties in Minnesota, Montana and South Dakota that they have until August 18, 2014, to apply for an Economic Injury Disaster Loan (EIDL). These loans are to offset economic losses because of reduced revenues to farmers and ranchers caused by the combined effects of late spring snowfalls, significant rainfall, unseasonably cool spring, frost and freeze, flooding, ground saturation, hail, high winds, severe thunderstorms, weather-related insects and diseases, and mid-summer drought that began on January 1, 2013, in the following primary counties, announced Tanya N. Garfield, Director of SBA's Disaster Field Operations Center - West.

Primary North Dakota counties: Benson, Bottineau, Burke, Burleigh, Cavalier, Divide, Emmons, Grand Forks, Grant, Kidder, Logan, McHenry, McIntosh, McLean, Mercer, Morton, Mountrail, Nelson, Oliver, Pembina, Pierce, Ramsey, Renville, Rolette, Sioux, Stutsman, Towner, Traill, Walsh, Ward and Wells;

Neighboring North Dakota counties: Adams, Barnes, Cass, Dickey, Dunn, Eddy, Foster, Griggs, Hettinger, LaMoure, McKenzie, Sheridan, Stark, Steele and Williams;

Neighboring Minnesota counties: Kittson, Marshall, Norman and Polk;

Neighboring Montana county: Sheridan;

Neighboring South Dakota counties: Campbell, Corson and McPherson.

"SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster," Garfield said.

Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for businesses and 2.875% for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship," Garfield said.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary's declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure Web site at https://disasterloan.sba.gov/ela.

For owners of these impacted small businesses, disaster loan information and application forms are also available from SBA's Customer Service Center by calling toll-free at (800) 659-2955 or e-mailing disastercustomerservice@sba.gov (link sends e-mail). Individuals who are deaf or hard of hearing may call (800) 877-8339. For more information about SBA's disaster assistance programs, visit http://www.sba.gov/disaster.

The deadline to apply for these loans is August 18, 2014.

TNS 30BautistaJude 140801-4815840 30BautistaJude


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