The SBA has extended the deadline for businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a physical disaster loan to Nov. 2. Anyone in the declared counties in Minnesota with damages caused by the civil unrest that occurred from May 27, 2020 through June 8, 2020 should apply for SBA low-interest disaster loans. The declaration covers Hennepin County and the adjacent counties of Anoka, Carver, Dakota, Ramsey, Scott, Sherburne and Wright in Minnesota.
Businesses and 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, at a rate as low as 3%. For small businesses, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Disaster loans up to $200,000 are available to homeowners and renters to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace disaster damaged or destroyed personal property.
For more information and to apply for an SBA Disaster Loan visit www.disasterloanassistance.sba.gov