Deadline to apply for Physical Disaster Loans in Minnesota is October 15

By News Team
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Fri, Sep 21st, 2012
Posted in All Government

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The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Minnesota that the deadline to submit disaster loan applications for damages caused by severe storms and flooding on June 14 - 21 is only weeks away. The deadline to file an SBA disaster loan application for physical damage is Oct. 15, 2012.

“I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Representatives from the Minnesota Small Business Development Center are available to assist anyone who needs assistance with their SBA disaster loan application. “Minnesota’s Small Business Development Centers are committed to providing help to the flood victims who are trying to recover from last June’s devastating floods,” said Elaine Hansen, Northeast Minnesota Regional Director, Small Business Development Center. To make an appointment to speak with an SBDC representative, call 218-726-7298.

The disaster declaration covers Carlton, Pine and St. Louis counties and Fond du Lac Band of Lake Superior Chippewa and the adjacent counties of Aitkin, Chisago, Isanti, Itasca, Kanabec, Koochiching and Lake in Minnesota; and the adjacent counties of Burnett and Douglas in Wisconsin.

Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Skaggs.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and non-profit organizations of any size may borrow up to

$2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses 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://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov. 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 October 15, 2012. The deadline to return economic injury applications is May 16, 2013.

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