BISMARCK - Small, nonfarm businesses in 22 North Dakota counties are eligible to apply for low-interest federal disaster loans to offset economic losses caused by the drought that began July 17, according to the U.S. Small Business Administration.
Primary eligible counties are Bowman, Dickey, Golden Valley, Lamoure, Ransom, Slope and Stutsman. Neighboring eligible counties are Adams, Barnes, Billings, Cass, Foster, Griggs, Hettinger, Kidder, Logan, McIntosh, McKenzie, Richland, Sargent, Stark and Wells.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. The loans have an interest rate of 4 percent for businesses and 3 percent for private, nonprofit organizations and a maximum term of 30 years.
Businesses primarily engaged in farming or ranching are not eligible, with the exception of nurseries.