REGIONAL– For those who experienced physical damage to their property from this spring and summer’s historic flooding, only a few weeks remain to take advantage of U.S. Small Business Administration (SBA) physical damage disaster loans. The filing deadline for applications is Monday, Nov. 7.
Businesses of all sizes, private nonprofit organizations, homeowners and renters in Koochiching, Beltrami, Itasca, Lake of the Woods and St. Louis Counties with physical damage to their properties are eligible for the low-interest loans with rates beginning at 2.94 percent for 30 years for businesses and lower rates for nonprofits, homeowners, or renters.
“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process,” said Kem Fleming, director of SBA Field Operations Center East.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17612.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by emailing DisasterCustomerService@sba.gov.
Loan applications may be downloaded at sba.gov/disaster.
Additionally, the SBA has another loan program for economic injury applications, with more information available on the SBA website. The deadline for those applications is June 7, 2023.