On Sep. 13, SBA reported disaster loans available to MN businesses.
SBA reported availability of Economic injury disaster loans (EIDLs) to Minnesota small businesses suffering economic losses due to drought beginning on Aug. 29, 2023.
EIDL Loan Eligibility
Small non farm businesses are eligible to apply for SBA low interest federal disaster loans in the primary MN counties of Cass, Hubbard, Todd and Wadena counties.
Loans are also available to the contiguous counties of Aitkin, Becker, Beltrami, Clearwater, Crow Wing, Douglas, Itasca, Morrison, Otter Tail and Stearns.
Disaster Assistance
Small nonfarm businesses, agricultural coops, aquaculture, and private nonprofits are eligible to apply for up to $2mn for financial and operating expense obligations.
Eligibility based on financial impact only and not on actual property damage.
Businesses primarily engaged in farming or ranching not eligible for SBA assistance.
Application Deadline
The EIDL loan application deadline for drought victims is May 6, 2024.
In Sep. 2023, SBA announced federal EIDL program for Minnesota, see #185511.
