BEMIDIGI – The U.S. Small Business Administration is offering disability loans to businesses, nonprofits, homeowners and renters in five Minnesota counties affected by spring flooding.
The description includes Kuching County and the adjacent counties of Beltrami, Itasca, Lake of the Woods and St. Louis.
Anyone in these counties can apply for the low-interest disaster loan program, which began on April 22 and lasts through June 15.
The deadline for applications is November 7, and the administration encourages applications to be filled out as soon as possible.
“Waiting to submit an SBA application can cause unnecessary delays in receiving disaster assistance, and survivors can miss application deadlines,” said Kim Fleming, director of the SBA Field Operations Center East. “Filing a loan application is an important part of the disaster recovery process.”
Interest rates are as low as 2.94% for businesses, 1.875% for nonprofits and 1.438% for homeowners and renters. Terms are up to 30 years.
The exact loan amount and terms are set by the SBA and depend on each applicant’s financial situation.
Applications can be made online through the SBA website and must be processed in accordance with SBA Statement 17612.
Application forms are available by calling the SBA Customer Service Center at 800-659-2955 or emailing DisasterCustomerService@sba.gov.
Completed applications should be mailed to the US Small Business Administration, Processing and Disbursement Center, 15925 Kingsport Road, Fort Worth, TX 76155.
