Gov. Walz Boosts SBA Loans for Winter-Affected Small Businesses

Despite hosting the World Cup this year, Wilson is reporting a $1 million drop in revenue this winter. The mild winter took a toll on organizations like the Loppet Foundation, which saw a significant drop in participation. To help businesses and nonprofits facing similar challenges, the Small Business Administration (SBA) is offering new loan programs. Governor Tim Walz emphasized the economic impact of weather-related disasters, likening it to farming droughts or flooding. These loans, available due to federal drought declarations, offer low-interest rates for eligible businesses and nonprofits. Scott Hartmann of Scott’s Lawn Care, facing a 40% revenue loss, is considering an SBA loan after laying off 16 employees. Explore Minnesota is also hearing similar stories of struggle from travel and tourism businesses. Executive Director Lauren Bennett McGinty is concluding a statewide survey to assess the effects of this year’s mild winter on businesses. Preliminary reports indicate revenue drops of 15% to 75%. Despite allocating 24% of their marketing budget to winter campaigns, the lack of winter  weather hindered their efforts. More details on the survey results and information on the SBA loan program can be expected later this week. Appy here https://www.sba.gov/funding-programs/disaster-assistance