Non-farm small businesses in 10 counties in North Dakota and neighboring counties in Montana can now apply for low-interest federal disaster loans from the US Small Business Administration. These loans compensate for economic losses due to reduced income caused by the drought in the following major counties which began on April 15, 2022.
Major North Dakota counties: Billings, Divide, Golden Valley, McKenzie, and Williams;
Neighboring North Dakota counties: Burke, Dunn, Mountrail, Slope, and Stark;
Neighboring Montana counties: Fallon, Richland, Roosevelt, Sheridan and Wibaux.
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster,” Garfield said.
Small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $2 million for help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/ [disasterloanassistance.sba.gov].
Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information about SBA disaster assistance.
The deadline to file an economic injury claim is December 19, 2022.