Warm Winter Woes: Minnesota Unlocks Federal Aid For Struggling Small Businesses
Minnesota’s small businesses are feeling the heat from this winter’s record-breaking warmth! š”ļø Governor Walz has unlocked federal aid to help them weather the storm. šø Learn how to apply for Economic Injury Disaster Loans and get the support your business needs. šŖ #MinnesotaSmallBusiness #WinterWoes #DroughtRelief
St. Paul, Minnesota – In a recent announcement, Governor Tim Walz revealed that Minnesota has unlocked federal funding for small businesses hit hard by this winter’s record-breaking warmth. The governor emphasized that the unusually warm weather has had a significant economic impact on businesses that depend on snow and winter tourism to thrive.
Drought Declarations Pave the Way for Assistance
Federal Economic Injury Disaster Loans are now available thanks to ongoing federal drought declarations affecting a whopping 81 Minnesota counties. The Minnesota DNR reports that from December to February, the state experienced its warmest meteorological winter on record, surpassing the previous record set way back in 1877-78.
Snowfall Shortage Adds to the Problem
To make matters worse, the Twin Cities has only seen a measly 14.3 inches of snow through February 29th, making it the second-lowest season total on record. The Mankato area is in even worse shape, with a paltry 9.4 inches of snow, ranking as the second least snowy season as of the end of February. This lack of precipitation has only worsened the ongoing drought.
How to Get Help
If your business is located in one of the 81 counties covered by the U.S. Department of Agriculture’s disaster declarations for drought, you can apply for the Economic Injury Disaster Loans (EIDL) through the Small Business Administration (SBA). These loans are designed to help businesses weather emergencies that have impacted their bottom line.
Under the EIDL program, businesses can borrow up to a whopping $2 million to cover their actual losses. And here’s the best part: businesses pay no interest on the loan for the first year and a maximum rate of just 4% for the rest of the loan period. It’s like getting a helping hand from Uncle Sam himself!
To apply, head over to the SBA’s disaster assistance page here and enter your county’s name to see a list of all open disasters in your area. Look for one that includes “drought” in the incident description, and you’ll be on your way to getting the help you need.
If you need more information or assistance, don’t hesitate to reach out to Minnesota’s Small Business Development Centers here or the SBA’s Customer Service Center here by email or phone. They’re ready and waiting to help you navigate these challenging times.
š£ What do you think about this move from Governor Walz? Let us know your thoughts in the comments section at the bottom of this page. ā¬ļø
