14 Minnesota counties now eligible for small business loans due to drought

ATLANTA, Ga. (KFGO-KBRF) –  The U.S. Small Business Administration is making available low-interest federal disaster loans for eligible small businesses and private nonprofit organizations impacted by drought. The 14 counties are Benton, Cass, Crow Wing, Douglas, Lincoln, Lyon, Mille Lacs, Morrison, Otter Tail, Pipestone, Stearns, Todd, Wadena and Yellow Medicine. The businesses hurt by the drought can apply for up to $2 million dollar loan with interest rates as low as 4%. Loans can last up to 30 years and there is no interest or required payments during the first 12 months following disbursement. Businesses can apply online at sba.gov/disaster.