SBA Opens Business Recovery Center in St. Louis County, Minnesota

ATLANTA - The U.S. Small Business Administration (SBA) announced today it will open a Business Recovery Center (BRC) in St. Louis County on Tuesday, Aug. 13 at 1 p.m. at the Cook Fire/Ambulance Hall in Cook, MN. SBA is opening the Center to assist Minnesota businesses with losses due to severe storms and flooding that occurred June 16 through July 4.

"Our Business Recovery Centers are one of the most powerful resources at SBA's disposal to support business owners in the midst of a disaster," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. "Business owners can meet in-person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery."

Customer Service Representatives at SBA's Business Recovery Center will assist business owners complete their disaster loan application, accept documents, and provide updates on an application's status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Recovery Center in advance. The Center will operate as indicated below until further notice:

Business Recovery Center (BRC)

Jackson County

Minnesota West Community & Technical College

Room B115

401 West St

Jackson, MN 56143

Hours: Monday - Friday, 7:30 a.m. to 4:30 p.m.

Closed: Saturday and Sunday

Business Recovery Center (BRC)

Le Sueur County

247 E Main St

Waterville, MN 56096

Hours: Monday - Friday, 8 a.m. to 6 p.m.

Saturday, 9 a.m. to 3 p.m.

Closed: Sunday

Business Recovery Center (BRC)

St. Louis County
City of Cook Fire/Ambulance Hall

111 Second Street Southeast
Cook, MN 55723

Opening: Tuesday, Aug. 13, 1 p.m.

Hours: Monday - Friday, 8 a.m. to 6 p.m.

Saturday, 9 a.m. to 3 p.m.

Closed: Sunday

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations with repayment terms up to 30 years. The SBA sets loan amounts and terms based on each applicant's financial condition. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement.

With the changes to FEMA's Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.

Applicants may also call the SBA's Customer Service Center at (800) 659-2955 or send an email to [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Sept. 30, 2024. The deadline to return economic injury applications is April 29, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.