SBA Offers Disaster Relief to Businesses and Residents – Alexandria Echo Press | Region & Cash

ALEXANDRIA – Minnesota businesses and residents affected by severe thunderstorms and tornadoes May 29-30 can apply for low-interest disaster loans from the US Small Business Administration, SBA Administrator Isabella Casillas Guzman said July 26.

Guzman provided the loans in response to a July 21 letter from Gov. Tim Walz requesting a disaster declaration from the SBA. Businesses and residents of the declared area can now apply for low-interest disaster loans from the SBA.

In order for such a declaration to be made, an incident must destroy 25 homes and the homeowner quota must be 40% underinsured in that incident. The May 12 tornado did not destroy enough homes to make a statement.

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

“The SBA is strongly committed to providing the people of Minnesota with the most effective and customer-centric response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” Guzman said in a press release. “Getting businesses and communities up and running again after a disaster is a top priority at SBA.”

To help businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center in Alexandria on Thursday, July 28 at 11 a.m. It will be located at Douglas County Emergency Management at 1501 Hawthorne St.

On Thursday, July 28, it will be open from 11 a.m. to 6 p.m. After that, it’s open Monday through Friday from 9 a.m. to 6 p.m. and Saturday from 10 a.m. to 2 p.m. It is closed on Sundays.

It will close permanently on Thursday, August 11 at 4 p.m

Customer service representatives are available at the DLOC to answer questions about the disaster loan program and to help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to protect the health and safety of the public. All visitors to the DLOC are asked to wear a face mask.

“Corporations and private nonprofits can borrow up to $2 million to repair or replace property, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster,” said Brian McDonald, district director of SBA in Minnesota. in a press release.

For small businesses, small farming cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers economic damage disaster loans to meet working capital needs caused by the disaster. Economic Damage Disaster Loan Assistance is available regardless of whether the business has suffered property damage.

“Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed properties. Homeowners and renters are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta, in a press release.

Applicants may be eligible for a loan amount increase of up to 20% of their physical injuries, as reviewed by the SBA for harm reduction purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to protect property and residents from future damage from a similar disaster.

Interest rates are just 2.935% for corporations, 1.875% for nonprofits, and 1.688% for homeowners and renters for terms up to 30 years. Loan amounts and terms are determined by the SBA and are based on each applicant’s financial situation.

Applicants may apply online using the electronic loan application through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should submit the application under SBA Statement #17534.

Disaster loan information and application forms are also available by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impairment, dial 7-1-1 to access Telecom Relay Services) or email DisasterCustomerService@sba.gov. Credit applications can also be downloaded from sba.gov/disaster.

Completed applications should be sent to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.

The deadline for returning property damage claims is September 23, 2022. The deadline for returning property damage claims is April 25, 2023.

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