SBA Deadline April 13 for Minnesota NonProfit Organizations to Apply for Working Capital Disaster Loans for Spring 2022 Disaster

ATLANTA - The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations (PNPs) in Minnesota that April 13 is the filing deadline for federal economic injury disaster loans for economic losses caused by the severe storms, straight-line winds and flooding that occurred from
April 22 through June 15, 2022.

PNPs located in the Minnesota counties of Beltrami, Clearwater, Cook, Kittson, Koochiching, Lake, Lake Of The Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, Roseau, Saint Louis, Bois Forte Band of Chippewa, Leech Lake Band of Ojibwe, Red Lake Nation, and the White Earth Nation are eligible to apply. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

The SBA offers federal Economic Injury Disaster Loans (EIDLs) to help eligible non-critical PNP organizations meet their working capital needs such as ongoing operating expenses. Loan amounts can be up to $2 million with an interest rate of 1.875 percent and terms up to 30 years. EIDL assistance is available regardless of whether the organization suffered any physical property damage. The SBA sets loan amounts and terms based on each applicant's financial condition.

To be considered for this assistance, PNPs need to apply by the deadline. Applicants may apply online at DisasterLoanAssistance.sba.gov/ela/s under SBA declaration # 17529.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to [email protected]. Loan applications can be downloaded from the SBA's website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to submit economic injury applications is April 13, 2023.

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About the U.S. Small Business Administration

Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months of no payments and 0 percent interest. This covers SBA disaster loans currently available for Hurricane Fiona and Hurricane Ian declared earlier this year. This policy change will benefit disaster survivors and help them to decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8 a.m. to 8 p.m. ET, Monday to Friday, or email: [email protected].

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.