Financial Solutions Available to Small Businesses Impacted by Weather-Related Disasters
Dec 23, 2019
The U.S. Small Business Administration (SBA) has recently announced that they will be offering Economic Injury Disaster Loans for small businesses. This program will be available to small non-farm businesses in North Dakota, South Dakota, and Montana who have been negatively affected by weather related incidences such as excessive rain, snow, or flooding. Established as a way to offset economic losses due to reduced revenues caused by environmental disasters, working capital funds will be provided through the SBA directly to overcome the economic impact, assist with maintaining cash flow, and help small businesses get through the disaster period. Small businesses and agricultural cooperatives who meet these criteria may qualify for up to $2 million in long term, below-market fixed rate financing.