Eligible farmers and ranchers can get Emergency Loan Assistance from the USDA for damages and losses caused by drought, late season frost, high winds, flooding, ground saturation, storms, ice, snow and severe temperatures that occurred Jan. 1, 2004, and continuing.
Eligible businesses can get Economic Injury Disaster Loans through the SBA to help them meet normal operating expenses that cannot be met due to the effects of drought and other weather-related damages on producers. Many farmers and ranchers experienced reduced incomes, which may have had an adverse economic effect on businesses depending upon those producers.
The availability of both loans comes as a result of the USDA Secretarial Disaster Declaration secured by the Governor earlier this summer. The declaration is the result of drought conditions in the southwest and excessive precipitation in the northeast and north central portion of the state. Hoeven requested the Disaster Declaration in a July 20 letter to Secretary Ann Veneman and it was approved on Aug. 10.
“We are continuing to do all we can to help not only farmers and ranchers, but also small business owners throughout North Dakota who have suffered losses due to the effects of agricultural disasters in our state,” Hoeven said.
The SBA loans are designed to help small businesses meet installments on long- term debt, accounts payable and overhead expenses that would have been met had the disaster not occurred, and is intended to supplement monies the business owner can provide from other sources. Loans may be approved for up to $1,500,000 for actual disaster-related financial needs of the business.
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