ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Minnesota of the March 28, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring June 16 through July 4, 2024.
The disaster declaration covers the counties of Blue Earth, Brown, Carver, Cass, Cook, Cottonwood, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Houston, Itasca, Jackson, Lake, Le Sueur, Martin, McLeod, Mower, Murray, Nicollet, Nobles, Pipestone, Redwood, Renville, Rice, Rock, Sibley, St. Louis, Steele, Wabasha, Waseca, Watonwan and Winona.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
"SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov 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 deadline to return economic injury applications is March 28, 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.