SBA drought loans available in area counties

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Aug. 16—Drought disaster loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, nurseries, and private nonprofit organizations.

Eligible area counties include Blue Earth, Brown, Nicollet Sibley, Faribault, Waseca and Watonwan.

The U.S. Small Business Administration announced the Economic Injury Disaster Loans late last week.

With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loan amount can be up to $2 million with interest rates of 2.88% for small businesses and 2% for private nonprofit organizations of all sizes, with terms of up to 30 years.

The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Information at: DisasterLoanAssistance.sba.gov/ela/s/. People should apply under SBA declaration # 17084, not for the COVID-19 incident.

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