MN 11709 January 11 is Deadline to Apply for SBA Economic Injury Disaster Loans

Release Date: Tuesday, December 15, 2009
Release Number: 10-131, MN 11709
Related State:
Minnesota
Field Operations Center: East
Contact: Mark Ihenacho - 404-331-0333

ATLANTA - The U.S. Small Business Administration is reminding small businesses affected by the severe storms and flooding that occurred fromMarch 16 through May 22, 2009 that January 11 is the filing deadline for Economic Injury Disaster Loans.

Small businesses, and most private non-profit organizations in the following counties are eligible to apply for SBA Economic Injury Disaster Loans: Becker, Beltrami, Big Stone, Cass, Clay, Clearwater, Grant, Hubbard, Itasca, Kittson, Koochiching, Lake of the Woods, Mahnomen, Marshall, Norman, Polk, Otter Tail, Pennington, Red Lake, Roseau, Stevens Traverse and Wilkin in Minnesota, Cass, Grand Forks, Pembina, Richland, Trail and Walsh in North Dakota and Roberts County in South Dakota.

Loans are available up to $2 million for eligible entities that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.

The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of the borrower. Eligibility for the program is based on the size and type of business and its financial resources.

To obtain a loan application, interested business owners should contact the SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 9 p.m. EST, or by sending an e-mail to disastercustomerservice@sba.gov. Business disaster loan applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may visit the SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for economic injury applications is January 11, 2010.

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For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance.

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