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SBA loans available following Minnesota disaster declaration

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SBA loans available following Minnesota disaster declaration
Detroit Lakes Minnesota 511 Washington Avenue 56501

The U.S. Small Business Administration has announced that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes located in the state of Minnesota as a result of excessive rainfall during the period from Aug. 6-Nov. 4, 2008.

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These loans are available in Becker, Mahnomen, Clearwater, Norman and Polk counties.

"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist small businesses and most private, non-profit organizations affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to farm related and non-farm related small business concerns, small agricultural cooperatives, and most private, non-profit organizations of all sizes that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA.

Eligible small businesses and non-profit organizations may qualify for loans up to $2 million. These loans are available at a 4 percent interest rate, with loan terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. Under this disaster declaration, the SBA cannot provide loans to agricultural producers.

Disaster victims 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 between 8 a.m. and 9 p.m., and Saturday, 9 a.m. to 9 p.m. (Eastern Standard Time), or by e-mailing our customer service center at disastercustomerservice@sba.gov.

Loan applications can be downloaded from the SBA's Web site at www.sba.gov/

services/disasterassistance. Victims may visit SBA's ssecure Web site at https://disasterloan.sba.gov/ela to apply for disaster loans.

Completed applications must be returned to SBA no later than Oct. 19, 2009. The applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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