ATLANTA – Minnesota residents and businesses approved for a disaster loan from the U.S. Small Business Administration (SBA) as a result of the severe storms and flooding that occurred June 16 through July 4, have two years from the date of their loan approval to request an increase to pay for mitigation measures to prevent or minimize damages from future disasters. Mitigation funds from the SBA are an affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and property.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”
Businesses and homeowners may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvements may include sealing your roof deck, installing a French drain, regrading landscaping to improve drainage, installing storm doors and windows, or installing a safe room. To learn more about mitigation options visit sba.gov/mitigation.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for 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.
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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.