Deadline to Apply for SBA Working Capital Disaster Loans in Minnesota Following Secretary of Agriculture Disaster Declaration is August 13

ATLANTA, July 11, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes in Minnesota, that August 13 is the filing deadline for federal economic injury disaster loans as a result of the combined effects of excessive rain, excessive heat, high winds, tornadoes and an early fall frost from April 1 through Sept. 15, 2011.

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The SBA's disaster declaration includes the following counties:  Becker, Blue Earth, Chippewa, Clay, Douglas, Faribault, Freeborn, Grant, Kandiyohi, Lac Qui Parle, LeSueur, Lincoln, Lyon, Mahnomen, McLeod, Meeker, Nicollet, Norman, Otter Tail, Polk, Pope, Redwood, Renville, Rice, Scott, Sibley, Stearns, Steele, Stevens, Swift, Waseca, Wilkin, Wright and Yellow Medicine in Minnesota; Cass, Richland and Traill in North Dakota and Deuel in South Dakota.

"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 eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible
farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquacultural enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA.

The loan amount can be up to $2 million with interest rates of 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years.  The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.  Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.  These working capital 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.

Disaster loan information and application forms may be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  Loan applications can be downloaded from www.sba.gov.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

Applicants may also apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Completed loan applications must be returned to SBA no later than August 13, 2012.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.

Contact: Michael Lampton
Phone: 404-331-0333

SOURCE U.S. Small Business Administration

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