FOR IMMEDIATE RELEASE: May 29, 1998
CONTACT: Dana Hagerty 202/225-2165
WASHINGTON, DC -- Congressman Collin C. Peterson (DFL-7th District) announced today that Polk County and the contiguous counties of Clearwater, Mahnomen, Marshall, Norman, Pennington and Red Lake in the 7th District have been declared economic injury disaster loan areas by the United States Small Business Administration.
"Because of the flooding, standing floodwater, excessive rain and hail that occurred in these counties between April 4 and October 31, 1997, small non-farm agricultural-dependent businesses in these counties can apply for economic injury assistance," Peterson said. Farmers are not eligible to apply to SBA.
In addition, Red Lake County and the contiguous counties of Pennington and Polk have been declared economic injury disaster loan areas because of the heavy rain and excessive moisture that occurred in these counties between June 1 and October 31, 1997.
Loan applications are available by calling 1-800-359-2227, weekdays from 7:00 a.m. to 6:00 p.m. Central time. Applications are also available by writing:
Area 2 Disaster Assistance Office
U.S. Small Business Administration
One Baltimore Place, Suite 300
Atlanta, GA 30308
The application filing deadline is November 19, 1998. Economic Injury Disaster Loans provide working capital to small businesses so they can pay bills and meet normal operating expenses. The interest rate for eligible small businesses is 4 percent. SBA determines eligibility for the program based on the size and type of business and its financial resources.