On Aug. 25, SBA reported disaster aid available to firms for drought.
SBA announced Economic Injury Disaster Loans (EIDLs) available in Minnesota due to Secretary of Agriculture disaster declaration due to drought since Jun. 27. 2023.
EIDLs are available to Houston County, neighboring MN counties Fillmore, Winona.
Iowa counties of Allamakee, Winneshiek; Wisconsin counties of La Crosse, Vernon.
Disaster Assistance
EIDLs available to eligible entities that suffered financial loss directly due to drought.
Loans up to $2mn with terms up to 30 years; not intended to replace lost sales/profits.
Businesses primarily engaged in farming/ranching not eligible for disaster assistance.
Funds may be used to pay fixed debts, payroll, accounts payable, and other bills.
Application Deadline
Completed loan applications must be submitted to SBA no later than Apr. 22, 2023.
Sep. 2023 SBA Loans for IOW, MN
On Sep. 13, 2023, SBA reported that small non-farm businesses in 42 IOW counties.
Also neighboring counties in MN eligible to apply for low interest federal disaster loans.
Offset losses because of reduced revenues caused by drought that began Aug. 29.
Loans of up to $2 million are available to help businesses meet financial obligations and operating expenses which could have been met had the disaster not occurred.
The deadline to apply for economic injury is May 6, 2024.
Regulators
SBA
Entity Types
CNSM; Corp
Reference
PR IA 18155-01, 9/13/2023; PR 23-636, Dec 18107, 8/25/2023
