Low Interest Loans Available – Hometown Focus
REGIONAL – Minnesota businesses and residents affected by flooding from April 22 to June 15, 2022 can apply for low-interest disaster loans from the U.S. Small Business Administration, the administrator of the SBA, Isabella Casillas Guzman, September 8.
Administrator Guzman made the loans available in response to a letter from Minnesota Governor Tim Walz dated Sept. 1, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The statement covers Koochiching County and the adjacent counties of Beltrami, Itasca, Lake of the Woods and St. Louis.
“The SBA is firmly committed to providing the people of Minnesota with the most efficient and customer-focused response possible to help businesses of all sizes, homeowners and tenants with federal disaster loans,” Guzman said. “Getting businesses and communities back up and running after a disaster is our top priority at SBA.”
To help businesses and residents affected by the disaster, the SBA opened a Disaster Loan Outreach Center (DLOC) on September 10 at 360 Hwy. 11 E., international falls. The DLOC is open Monday through Friday from 8 a.m. to 5 p.m. and Saturday from 10 a.m. to 2 p.m. The center is closed on Sundays and will permanently close at 4 p.m. on September 22.
Customer service representatives will be available at DLOC to answer questions about the disaster loan program and assist individuals with their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect public health and safety. All DLOC visitors are encouraged to wear a face mask.
“Businesses and private non-profit organizations can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other assets damaged or destroyed by a disaster,” Brian McDonald said. , District Director of SBA Minnesota.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Disaster Loans (EIDLs) to help meet capital needs. turnover caused by the disaster. Economic disaster loan assistance is available whether or not the business has suffered property damage.
“Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed property. Homeowners and tenants are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for an increase in the loan amount of up to 20% of their physical damage, as verified by the SBA for mitigation purposes. Eligible mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage from a similar disaster.
Interest rates are as low as 2.94% for businesses, 1.875% for nonprofits, and 1.438% for homeowners and tenants, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at www.disasterloanassistance. sba.gov/ela/s and must apply under SBA #17612.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , dial 7-1-1 to access Telecom Relay Services ) or by emailing Disaster Customer [email protected] sba.gov. Loan applications can also be downloaded from www.sba. government/disaster.
Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.
The deadline for filing property damage return claims is November 7, 2022. The deadline for returning economic injury claims is June 7, 2023.