Hennepin County businesses and residents affected by the civil unrest on May 27 through June 8 can apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).
Anyone affected by these events – homeowners, renters, businesses and nonprofit organizations – are eligible to apply. Loans can cover physical damage for individuals and businesses impacted, and economic injury for businesses that suffered due to the disaster. Interest rates can be as low as 1.25% for homeowners and renters, 2.75% for nonprofit organizations, and 3% for businesses. Repayment terms can extend as long as 30 years.
Three types of SBA Disaster Loans are available:
* Physical Disaster Loans – Up to $2 million 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 – Up to $2 million for 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 – Up to $200,000 for homeowners and up to $40,000 for renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Loan application filing is October 2. Check out the Virtual Disaster Loan Outreach Center at FOCE-Help@sba.govopen, or 571-422-6078 or 571-422-6871, Monday-Friday from 8 a.m.-5 p.m.