U.S. Small Business Administration Provides Flood Damage Loans to 5 Minnesota Counties – Bemidji Pioneer

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

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

Anyone in these counties who suffered property damage from flooding that began April 22 and continued through June 15 can apply for the low-interest disaster loan program.

The deadline for applications is November 7 and the administration encourages applications to be completed as soon as possible.

“Waiting to file an SBA application could lead to unnecessary delays in receiving disaster relief, 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.”

Interest rates are as low as 2.94% for businesses, 1.875% for nonprofits, and 1.438% for homeowners and tenants. Terms can be up to 30 years.

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

Applications can be made online through the SBA website and should be filed under SBA statement 17612.

Claim forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955, or by emailing [email protected]

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

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