Federal disaster loans are available to small, non-farm, agriculture-dependent businesses in seven Minnesota counties hit by drought this summer, the US Small Business Administration (SBA) announced Friday (10 October).
Businesses that may qualify would, for instance, sell goods or services to agricultural producers and be unable to pay bills because farmers and ranchers can't afford to buy their goods or services. Nurseries also are eligible.
Eligible businesses may qualify for loans of up to $1.5m with up to 30-year terms, with a 3.5 per cent interest rate. Under this declaration, SBA doesn't provide loans to agriculture producers or non-agriculture-dependent businesses.
The SBA loans will be available to some businesses in the following counties: Chicago, Dakota, Goodhue, Pine, Wabasha, Washington and Winona.
Loan applications must be submitted by 24 May 2004.
Source: Associated Press
