Jan 15, 2014 at 10:02 am
ST. CLOUD, Minn. (KNSI) Small business and non-profit organizations in Stearns County may be eligible to receive low-interest loans as a result of a disaster declaration that includes the county.
It was made due to drought conditions that occured from September first through mid-November of last year.
The Small Business Administration (SBA) Loan can be up to $2 million for a term of 30 years, with interest rates of less than three-percent for private non-profits and four-percent for small businesses.
The Small Business Administration determines loan eligibility based on the size of the business, type of activity and its financial resources. Loan amounts and terms are set by the SBA.
Loan applications can be downloaded at www.sba.gov/disaster or by calling 1-800-659-2955.
Other Minnesota counties in the disaster delcaration are Aitkin,, Benton, Carlton, Cass, Chisago, Crow Wing, Isanti, Kanabec, Mille Lacs, Morrison, Pine and Todd.
Temp: 27°F (-3°C)
Wind: Calm N