The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Minnesota about the upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by adverse weather conditions, including excessive rain, hail, and high winds that occurred between April 17 and September 15, 2024.
The affected areas include the Minnesota counties of Big Stone, Grant, Stevens, Traverse, Wilkin, as well as Richland County in North Dakota and Roberts County in South Dakota. The SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, the SBA cannot provide disaster loans to agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
These EIDLs can be used for working capital needs resulting from the disaster and are available even if there was no physical damage to the business or nonprofit. The funds may cover fixed debts, payroll expenses, accounts payable, and other bills not paid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Loan terms can extend up to 30 years with no interest accrual or payments required until 12 months after disbursement. Loan amounts and terms are determined based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster or through contact with SBA’s Customer Service Center via phone or email. The deadline for submitting economic injury applications is August 25, 2025.