SBA Adds More Counties to Minnesota Disaster Declaration

ATLANTA - The U.S. Small Business Administration (SBA) announced the addition of three more counties to the Minnesota disaster declaration for severe storms and flooding between June 16 and July 4, giving more businesses and residents eligibility to apply for SBA's low-interest disaster loans.

The disaster declaration now covers the primary counties of Blue Earth, Cook, Cottonwood, Faribault, Freeborn, Goodhue, Itasca, Jackson, Lake, Le Sueur, Martin, Mower, Murray, Nicollet, Nobles, Rice, Rock, St. Louis, Steele, Waseca, and Watonwan in Minnesota, which are eligible for both physical and economic injury disaster loans from the SBA. Small businesses and most private, nonprofit organizations in the following adjacent counties are eligible only to apply for SBA Economic Injury Disaster Loans (EIDL): Aitkin, Beltrami, Brown, Carlton, Cass, Dakota, Dodge, Fillmore, Koochiching, Lyon, Olmsted, Pipestone, Redwood, Renville, Scott, Sibley, and Wabasha in Minnesota; Dickinson, Emmet, Howard, Kossuth, Lyon, Mitchell, Osceola, Winnebago, and Worth in Iowa; Minnehaha and Moody in South Dakota; and Douglas, Pepin, and Pierce in Wisconsin.

SBA's Customer Service Representatives are available at the Centers to answer questions, 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 Business Recovery Center in advance. The Centers will operate as listed below.

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)

Jackson County

Minnesota West Community & Technical College

401 West St, Room B115

Jackson, MN 56143

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

Closed: Saturday and Sunday

Business Recovery Center (BRC)

St. Louis County

Cook Fire Department
111 2nd Street East
Cook, MN 55723

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.

Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

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.