Minnesota SBA Civil Unrest Disaster Loans

By The Neighborhood Development Center

 

 

 

 

 

 

 

 

 

Small businesses, non-profits, and individuals with property damage or economic injury due to civil unrest from 5/27/20-6/8/20 are eligible to apply for low-interest disaster loans through the Small Business Administration (SBA). Interest rates are as low as 3 percent for businesses, 2.75 percent for nonprofit organizations, and 1.25 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition. Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets, including working capital.

The filing deadline to return applications for physical property damage is October 2, 2020. The deadline to return economic injury applications is May 3, 2021.

The SBA is offering loan application assistance:

Virtual Disaster Loan Outreach Center (VDLOC): Open Monday – Friday; Hours: 8 a.m. – 5 p.m. (CST); Closed: Saturdays and Sundays; Contact: FOCE-Help@sba.gov or by phone: (571) 422-6078, (571) 422-6871, or 1-800-877-8339 (for the deaf and hard-of-hearing); one-on-one appointments available; call or email to schedule a time