May 1 deadline for SBA disaster loans approaching

Apr 9, 2008

(Detroit Lakes, Minn) – In September of 2007, USDA designated Roseau County , and the contiguous counties of Beltrami, Kittson, Lake of the Woods, and Marshall , as a natural disaster area because of losses related to the combined effects of winterkill, due to severe cold and lack of snow cover; and early excessive rains, followed by hot, dry weather occurring during the 2007 crop year.

Congressman Collin Peterson is reminding businesses in these counties that a May 1, 2008 filing deadline is approaching for federal economic injury disaster loans to businesses that were directly affected by this agriculture disaster.

“If your business faced economic hardship as a direct result of this agriculture disaster, check with SBA to see if you’re eligible for a low-interest loan,” Peterson said.

Economic Injury Disaster Loans are available to farm-related and nonfarm-related small businesses and small agriculture cooperatives that suffered financial losses as a direct result of the disaster. Farmers are not eligible to apply to SBA and should contact their local FSA office.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a four percent interest rate with terms up to 30 years. The SBA will determine eligibility.

Interested business owners should contact SBA directly at 800-659-2955 Monday-Friday from 7 a.m. to 7 p.m. Business loan applications also can be downloaded from Completed loan applications must be returned to the SBA no later than May 1, 2008.