The SBA recently announced the availability of low-interest disaster loans for Minnesota businesses, non-profits, and residents who were affected by civil unrest from May 27 through June 8, 2020. If you are located in Hennepin County or the adjacent counties of Anoka, Carver, Dakota, Ramsey, Scott, Sherburne, and Wright, you may be eligible to apply.
Three Types of SBA Disaster Loans Available
- Physical Disaster Loans: to repair or replace disaster-damaged property owned by the business. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans: working capital to help small businesses and non-profits meet their financial obligations that cannot be met as a direct result of the disaster.
- Home Disaster Loans: for homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Who is Eligible?
The SBA has produced a Fact Sheet with additional details on the program, including eligibility. You can find a copy of this Fact Sheet on our website here.
When Can I Apply?
Those interested in applying can do so through the SBA’s website, here. Please note the following deadlines for the programs:
- 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.
Those interested can schedule one-on-one assistance with their application with an SBA Customer Service Representative by calling (571) 422 – 6016 and (470) 363 – 6079. A Virtual Disaster Loan Outreach Center will be open Monday through Friday, 8 a.m. to 5 p.m. These services are only available for the Minnesota disaster declaration as a result of the civil unrest on May 26 through June 8, 2020, and not for COVID-19 related assistance.