SBA Emergency Loans Available for Businesses Hurt by Mild Winter

(KNSI) – The mild winter didn’t leave just carolers’ prayers unanswered. Mother Nature decided not to “let it snow, ” which hurt many area businesses.

The Walz Administration says federal funding is being unlocked to assist companies that rely on outdoor skiing and snowshoe trails or seasonal festivals. Governor Tim Walz says the outdoors is a way of life in the state in all seasons. “The low precipitation we’ve experienced this winter has had a real economic impact on small businesses that rely on snow and winter tourism to grow and survive. I encourage all impacted business owners to apply for assistance as soon as possible.”

St. Cloud experienced its warmest winter ever in 2023-24, averaging over 27 degrees from December through February. Only about 11 inches of snow fell, well below the average of 27 inches in a normal year.

Businesses can apply through the Small Business Administration’s Economic Injury Disaster Loans program. The EIDL allows a company to borrow up to $2 million to cover operating losses. The loans are interest free for the first year and carry a maximum rate of up to 4% over the remaining term.

Benton, Sherburne, and Stearns Counties are all included. On July 24, 2023, a federal disaster declaration was officially declared for the area due to drought.

___