(KNSI) – U.S. Small Business Administration loans are available for agricultural cooperatives and nonprofit organizations in Sherburne and Wright Counties that experienced losses due to the drought that began in July.
The Secretary of Agriculture has declared a disaster because of the dry conditions that started this summer, which opens up several classes of small businesses, small agricultural coops, and nonprofit organizations for an economic injury disaster loan. Agricultural producers, farmers, and ranchers are not included in the program.
The worst hit parts of the state have seen severe drought the past couple of months, a category two designation. While not as extreme as the drought from last year, it still brings with it significant consequences.
The loans can be up to $2 million to help with common expenses such as rent and employee health care benefits. Interest rates range between 1.875 percent and 2.935 percent with terms as long as 30 years.
For more information on the EIDL program, go here.
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