Minnesota small businesses battered by this winter’s unrelenting drought have a lifeline, thanks to federally backed low-interest loans available to keep them afloat. The state, which experienced the warmest winter on record, is offering Economic Injury Disaster Loans (EIDL) through the Small Business Administration (SBA) to companies in designated drought areas. These loans exist to aid businesses as they navigate the tough times caused by Mother Nature’s shortfall in precipitation.

Qualifying businesses throughout Anoka and Ramsey Counties now have the opportunity to tap into funds up to $2 million to offset the financial damage caused by the dry spell, which has strained local economies and put a damper on the state's seasonal expectations. Eligibility is tied to the extent of economic injury endured, with the SBA offering monetary relief at zero percent interest for the first 12 months, after which they could see rates as high as four percent, according to a recent advisory on Blaine, Minnesota’s official website.

The deadline for these emergency funds is looming, with applications due by May 28, leaving affected businesses a narrow window to secure their share of the fiscal safety net. Small business owners are urged not to dilly-dally and instead leap at the chance to stabilize their operations by applying for the EIDL program swiftly. The application process and further assistance can be found online through the SBA’s loan portal.

For a more hands-on approach, Minnesota’s Small Business Development Centers are ready to assist applicants in person, along with SBA’s Customer Service Center reachable via email at [email protected] or by phone at 800-659-2955, operating Monday through Friday, between the hours of 7 AM and 7 PM, for any entrepreneurs seeking direct support or grappling with complexities in the application process, those with hearing impairments can dial 711 for telecommunications relay services which is a critical move in making accessibility a non-issue for all Minnesotans in need.