Monthly Archives: March 2020

SBA Economic Injury Disaster Loans up to $2 Million are Now Available

COVID-19 Relief Update

SBA Economic Injury Disaster Loans up to $2 Million are Now Available

Minnesota small businesses and private nonprofits may now apply for disaster loans through the U.S. Small Business Administration. These loans are for those organizations suffering economic injury due to the COVID-19 Coronavirus. The online application is found at DisasterLoan.sba.gov, or click the button below. Details include:

  • Rates are 3.75% for businesses and 2.75% for nonprofits.
  • Up to $2 million with terms up to 30 years.
  • May be used to help pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.
  • Loans under $25,000 can be made without collateral while loans over $25,000 should be collateralized. (However, the SBA will not decline a loan for lack of collateral.)

No cost to apply nor any obligation to accept the loan if approved.

SBA Disaster Loans Application

If you would like assistance with the application process, Northeast Minnesota Small Business Development Center (SBDC) consultants are available to help small businesses in our region. Visit www.nesbdc.org, click “Sign Up for Services” and a consultant will contact you.

The Small Business Administration also offers information and assistance:

SBA Disaster Assistance Customer Service Center

Phone

1-800-659-2955 / TTY: 1-800-877-8339

Website

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

Email

disastercustomerservice@sba.gov

Additional Resources

The Minnesota Department of Employment and Economic Development (DEED) is providing up-to-date Coronavirus information and resources for businesses at https://mn.gov/deed/newscenter/covid/employers/

The American SBDC has a web page with information and resources at https://americassbdc.org/coronavirus-information/

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