Federal loans available to those affected by drought in certain Minnesota counties
Dry dirt falls through a farmer's fingers, showing the significance of this year's drought (KSTP).
Minnesotans affected by this year’s extremely dry conditions in certain counties will be able to apply for federal assistance.
According to Minnesota U.S. Senator Tina Smith’s office, federal loans of up to $2 million with various interest rates will be available for small business owners, nonprofit organizations and agricultural cooperatives in the following counties:
- Cottonwood
- Jackson
- Lyon
- Murray
- Nobles
- Pipestone
- Redwood
- Rock
The funds under the Economic Injury Disaster Loans (EIDLs) will be available to eligible farm and nonfarm-related entities who had financial losses as a result of the drought.
The loans can be used to pay fixed debts, payroll and other bills that could have been paid if there hadn’t been drought conditions throughout the summer.
In order to apply for the loan, you can apply HERE under Small Business Administration declaration #18228 by May 29, 2024.
CLICK HERE to see the latest on dry conditions across the United States. CLICK HERE for last week’s drought report for Minnesota.