The U.S. Small Business Administration recently announced the availability of low-interest federal disaster loans for eligible small businesses and private nonprofit organizations impacted by the drought beginning April 1.
Eligible Counties
Iowa: Lyon, O'Brien, Osceola, and Sioux
Minnesota: Nobles and Rock
South Dakota: Lincoln and Minnehaha
Who Can Apply
- Small businesses
- Private nonprofits & faith-based organizations
- Small agricultural cooperatives & nurseries
- Small aquaculture enterprises
Loan Assistance Available
Economic Injury Disaster Loans: Working capital assistance for operational expenses caused by the disaster
Key Loan Details
- Up to $2 million in loan funding
- Interest rates as low as 4% for small businesses and 3.625% for private nonprofit organizations
- Loan terms of up to 30 years
- No interest or required payments during the first 12 months following disbursement
Apply online: sba.gov/disaster
Application Deadline: Economic Injury Disaster Loans: March 29, 2027
Applicants may call the SBA Customer Service Center with questions regarding their application at (800) 659-2955 or email. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.