Federal assistance for Minnesotans affected by winter drought

(KNOX) –

Minnesota Governor Tim Walz urges small businesses impacted by this winter’s historic drought conditions to apply for federal assistance.

Federal Economic Injury Disaster Loans are available because of ongoing drought declarations affecting winter tourism among 81 Minnesota counties.

From December to February, Minnesota experienced the warmest meteorological winter on record.

Impacted businesses in those 81 counties with a drought declaration can apply for the Economic Injury Disaster Loans (EIDL) through the Small Business Administration (SBA).

Businesses can borrow up to $2 million to cover their actual losses.

Businesses pay no interest on the loan for the first year and a maximum rate of four percent for the rest of the loan period.