ADVERTISEMENT

ADVERTISEMENT

US Small Business Administration provides loans for flood damage in 5 Minnesota counties

Area businesses, nonprofits, homeowners and renters can apply for disaster loans until Nov. 7 to cover damage from spring flooding, provided through the U.S. Small Business Administration.

Small Business Administration web art.jpg
We are part of The Trust Project.

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

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

Anyone in these counties with physical property damage caused by the flooding that began on April 22 and continued through June 15 can apply for the low-interest disaster loan program.

The deadline for the applications is Nov. 7, and the administration encourages applications to be filled out as soon as possible.

“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline,” said Kem Fleming, director of SBA Field Operations Center East. “Submitting the loan application is an essential part of the disaster recovery process.”

ADVERTISEMENT

Interest rates are as low as 2.94% for businesses, 1.875% for nonprofit organizations and 1.438% for homeowners and renters. Terms are up to 30 years.

Exact loan amounts and terms are set by the SBA and are based on each applicant’s financial conditions.

Applications can be done online via the SBA’s website and should be done under SBA declaration 17612.

Application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955, or by emailing DisasterCustomerService@sba.gov.

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

Related Topics: FLOODING
Our newsroom sometimes reports stories under the byline "Pioneer Staff Report." This byline is used when reporters rewrite basic news briefs that originate from official sources, such as an email or press release that requires little or no reporting.

Other times, this byline is used when a news story includes numerous authors or when the story is formed by aggregating previously reported news from various sources. If outside sources are used, it is noted within the story.

For questions about a staff report, call (218) 333-9796 or email news@bemidjipioneer.com.
What To Read Next
The Minnesota Court of Appeals has ruled in favor of the Leech Lake Band of Ojibwe in a case opposing the construction of the Huber Engineered Woods facility near the tribe’s borders.
A man has been taken into custody for treatment after making "threats of a shoot-out" and other threats toward law enforcement on Sunday in Bemidji.
The Bemidji City Council will honor veterans in a POW/MIA flag ceremony held at city hall, and will also revisit a discussion to set a date to review City Manager Nate Mathews’ employment.
Watermark's second-of-the-season Spoken Word Poetry SLAM will be held at 7 p.m. on Thursday, Feb. 16, at Fozzie's Smokin' Bar-B-Q, 114 Third St.