Minnesota Loans Available


Minnesota producers and farmers may be possible for economic injury disaster loans from the U.S. Small Business Administration.
Those eligible for these loans are producers from Beltrami, Clearwater, Itasca, Kittson, Koochiching, Lake of the Woods, Marshall, Pennington, Polk, Roseau, Stain Louis and Red Lake that suffered crop losses from excessive snow, rain, flooding and abnormal cool temperatures. Losses must have occurred between April 1 and June 30, 2009.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist small businesses, small agricultural cooperatives and most private non-profit organizations affected by the same disaster,” said Frank Skaggs, Director of SBA’s Field Operations Center East.
$2 million dollars are available for eligible business and non-profit organizations. The loans have a four percent interest rate for up to 30 years. The SBA selects recipients based on size of applicant, type of establishment and financial status. Each loan is set based on the applicant’s situation.
For more information contact: SBA’s Customer Service Center by calling 1-800-659-2955 Monday through Saturday from 8 a.m. to 9 p.m., EDT or email disastercustomerservice@sba.gov.
For loan applications click here.
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