Minn. ag board OKs loan for Wadena recovery

ST. PAUL, Minn. (AP) — The Minnesota Agricultural and Economic Development Board has authorized a $75,000 loan to help businesses recover from the tornado that struck Wadena last month.

The board awarded the interest-free loan to the Initiative Foundation, a Little Falls-based nonprofit. The group will distribute the money to businesses affected by the June 17 storms.

The foundation must match the Ag Board loan. The loan is expected to create a $150,000 loan fund which is expected to help between 10 and 20 businesses damaged by the storm.

Loans to businesses cannot exceed $20,000.

The foundation must repay the loan to the Ag Board within five years.

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