NORTH DAKOTA (KXNET) — Businesses in some North Dakota counties — as well as areas in Montana and South Dakota — can now apply for low-interest federal disaster loans from the US Small Business Association (SBA).
According to Francisco Sánchez, the SBA’s Associate Administrator for the Office of Disaster Recovery and Resiliences, when farmers face crop losses and a disaster is declared by the Secretary of Agriculture, SBA working capital loans become a lifeline for eligible small businesses.
Small nonfarm businesses, agricultural cooperatives, aquaculture businesses, and most private nonprofits can qualify for loans of up to $2 million through the program, which are meant to offset financial obligations and pay operating expenses that could have been taken care of if the recent droughts had not occurred in certain areas…