U.S. Small Business Administration Provides Loans for Floods in 5 Minnesota Counties – Bemidji Pioneer

BEMIDJI — The U.S. Small Business Administration is providing physical damage disaster loans to businesses, nonprofits, homeowners and tenants in five Minnesota counties affected by spring flooding.

The statement covers Koochiching County and adjacent Beltrami, Itasca, Lake of the Woods and St. Louis.

Anyone in these counties with physical property damage due to flooding that began April 22 and continued through June 15 can apply for the Low Interest Disaster Loan Program.

The application deadline is November. 7. The competent authority encourages filling in the application 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 Kem Fleming, SBA Field Operations Center Eastern Director. “Submitting loan applications is an important part of the disaster recovery process.”

Rates are as low as 2.94% for businesses, 1.875% for nonprofits, and 1.438% for homeowners and renters. The maximum term is 30 years.

The exact loan amount and terms are set by the SBA and are based on each applicant’s financial situation.

Applications can be completed online through the SBA’s website and should be completed under SBA Statement 17612.

Application forms are also available by calling the SBA Customer Service Center at 800-659-2955 or by emailing DisasterCustomerService@sba.gov.

Completed applications should be mailed to the U.S. Small Business Administration, Processing and Payment Center, 15925 Kingsport Road, Fort Worth, TX 76155.

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