SBA Physical Disaster Loan Deadline Approaching in Minnesota for Severe Thunderstorms and Tornadoes

ATLANTA – The U.S. Small Business Administration (SBA) reminds businesses, non-profit organizations, homeowners, and renters in Minnesota of the Sept. 23 deadline to apply for physical damage disaster loans. Anyone in the declared counties with physical property damage caused by severe thunderstorms and tornadoes on May 29-30 should apply for the low-interest disaster loan program.

“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process,” said Kem Fleming, director of SBA Field Operations Center East.

The declaration covers Douglas County and the adjacent counties of Grant, Otter Tail, Pope, Stearns, Stevens and Todd in Minnesota.   

Interest rates are as low as 2.935 percent for businesses, 1.875 percent for nonprofit organizations, and 1.688 percent for homeowners and renters, with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/  and should apply under SBA declaration # 17534.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Sept. 23, 2022. The deadline to return economic injury applications is April 25, 2023.

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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.