Aug. 25 - Minnesota Disaster Loan Applications Due Sept. 7

ST. PAUL – Homeowners, renters, businesses and nonprofit groups have until Sept. 7 to apply for federal disaster loans to cover damages related to storms in western Minnesota in June.  The U.S. Small Business Administration (SBA) loans are available for those affected in Becker, Cass, Clay, Douglas, Grant, Hubbard, Otter Tail, Todd, Wadena and Wilkin counties.

Businesses and nonprofits can apply for up to $2 million to repair damages sustained by equipment, real estate, machinery and inventory during the storms of June 17-26. Also available are loans of up to $200,000 to repair damaged homes and loans of up to $40,000 to replace furniture, appliances, clothing and other personal property.

Loans with interest rates as low as 2.75 percent are available for eligible homeowners and renters, 3 percent for nonprofit groups, and 4 percent for businesses. Terms of up to 30 years are available.

The SBA’s Customer Service Center can provide more details or a loan application.  Contact the center at 1-800-659-2955 (1-800-877-8339 for people with speech or hearing disabilities) weekdays from 8 a.m. until 6 p.m. EDT or send an e-mail to disastercustomerservice@sba.gov.

People may apply online for disaster loans from SBA's secure website,, download business loan applications for mailing or obtain more information about SBA’s disaster loan programs by clicking here.

Downloaded applications should be mailed to:

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155.

The SBA also offers Economic Injury Disaster Loans, which are available to small businesses and most private nonprofit groups to help meet working capital needs related to the storms. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to return economic injury applications is April 8, 2011.  

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com.

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Upon request, the information in this news release is available in an alternative format such as Braille, large print, audiotape or computer disk.

Minnesota Department of Employment and Economic Development
Communications Office
Phone 651/259-7161 or 1-800-657-3858 ∙ TTY 1-800-657-3973
www.PositivelyMinnesota.com