This Friday, March 15, Small Business Administration (SBA) officials will host a webinar for small business owners interested in applying for Economic Injury Disaster Loans (EIDL) in response to winter's lack of precipitation.

Last week, Governor Walz urged Minnesota businesses hurt by this winter's historic weather to apply for SBA loans, available because of ongoing federal drought declarations affecting 81 Minnesota counties.

The loans are designed to help businesses get through emergency situations that have impacted their economic well-being. Under the EIDL program, 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 4% for the rest of the loan period.

Business owners can learn more about eligibility, find an application and learn more about application deadlines for their county at the SBA's disaster assistance page.

SBA's information session will provide updated information on how to locate the disaster declaration, apply for the assistance and use of loan proceeds.

Details

What: Join the U.S. Small Business Administration Office of Disaster Recovery and Resilience and the Minnesota District Office for an information session on the recent declaration announced by Governor Walz. This webinar will provide updated information on how to locate the disaster declaration, apply for the assistance and use of loan proceeds.

When: Friday, March 15 10:00 A.M. - 11:00 A.M. CDT

Where: Online event. Register here.

Learn more and register at Minnesota Disaster Declaration - Lack of Precipitation (Drought) Information Session.