Disaster loans available in area
Small nonfarm businesses in 23 North Dakota counties are eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began on May 30, 2017, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
Primary North Dakota counties: Barnes, Benson, Cass, Eddy, Foster, Ransom, Richland, Rolette and Stutsman; and
Neighboring North Dakota counties: Bottineau, Dickey, Griggs, Kidder, LaMoure, Logan, Nelson, Pierce, Ramsey, Sargent, Steele, Towner, Traill and Wells;
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Loan eligibility is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 3.215 percent for businesses and 2.5 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship, Garfield said.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. secretary of agriculture designates an agricultural disaster, which was declared on Dec. 12, 2017.
Businesses primarily engaged in farming or ranching are not eligible. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
The deadline to apply for economic injury is Aug. 13.