Small businesses affected by weather and agriculture disasters should contact the SBA

(WASHINGTON, DC) - Congressman Collin Peterson announced that the U.S. Small Business Administration is making Economic Injury Disaster loans (EIDL) available to small, non-farm, agriculture-dependent businesses that have experienced economic loss as a direct result of the weather’s impact on agricultural producers.

SBA’s disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from damages and losses to crops caused by excessive rain, flooding and below normal temperatures occurring May 11,2004 and continuing.

“We know that the heavy rains and cold weather this year have had an impact on ag-dependent businesses,” Peterson said. “If you need assistance, contact the SBA to find out if you qualify.”

Businesses in Lake of the Woods, Marshall, Roseau, Beltrami, Kittson, Koochiching, Pennington and Polk counties that feel they have been affected by these disasters should contact the SBA. Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at 2.750 percent interest rate with terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources.

Interested business owners should contact the SBA Disaster Area 2 Office in Atlanta, GA at 1-800-359-2227 for more information and to obtain a loan application. Loan applications must be returned to SBA no later than May 23, 2005.

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