Applications open through Dec. 21, 2020.
4/1/2020 9:00
U.S. Small Business Administration Administrator Jovita Carranza announced that low-interest, federal Economic Injury Disaster Loans (EIDLs) will be offered to Minnesota small businesses and others in certain contiguous counties of border states Iowa, North Dakota, South Dakota, and Wisconsin.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” Carranza said in a news release.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
The interest rate is 3.75 % for small businesses. The interest rate for private non-profit organizations is 2.75 %. Affordable, long-term repayment options, up to a maximum of 30 years, are available to entities without the financial ability to offset the adverse impact without hardship. Applicants are subject to credit, collateral, and insurance requirements. The deadline to apply is Dec. 21, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.