SBA MN Drought Disaster Business Aid

On Aug. 21, SBA on disaster aid to businesses impacted by drought.

  • SBA issued working capital disaster loans to MN small businesses affected by drought.
  • Available to counties Carlton, Saint Louis, Aitkin, Itasca, Koochinching, Lake, Pine in Minnesota, and Douglas in Wisconsin affected by drought that began Jun. 20, 2023.
  • Disaster Assistance
  • Economic injury disaster loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
  • Nurseries are eligible to apply for EIDLs for losses caused by drought conditions.
  • Loans up to $2mn with terms up to 30 years; not intended to replace lost sales/profits.
  • Businesses primarily engaged in farming/ranching not eligible for disaster assistance.
  • Funds may be used to pay fixed debts, payroll, accounts payable, and other bills.
  • Application Deadline
  • Must submit a completed loan application to the SBA no later than Apr. 15, 2024.

Regulators SBA
Entity Types Bank; Corp
Reference PR 23-623, 8/21/2023
Functions BCS; Compliance; Operations; Reporting
Countries United States of America
Products Banking; Corporate; Loan; Payments
Regions Am
Rule Type Final
Rule Date 8/21/2023
Effective Date 4/15/2024
Rule Id 182569
Linked to N/A
Reg. Last Update 8/21/2023
Report Section US Investment

Last substantive update on 08/22/2023