Sheriff's Office • 100 North Fifth Avenue West • Duluth, MN 55802
Phone: (218) 726-2340 • www.stlouiscountymn.gov
Ross Litman
Sheriff
FOR IMMEDIATE RELEASE
Date: October 5, 2022
Media Contact: Duane Johnson,
Emergency Operations Manager
(218) 726-2936
For people affected by spring flooding: deadline is November 7 to apply for low interest SBA loan
St. Louis County is reminding people affected by this year's spring flooding that they have approximately one month left to apply for a low-interest Small Business Assistance Loan. This is for businesses and residents in St. Louis County affected by flooding that occurred between April 22 and June 15, 2022. The low-interest disaster loans are available from the U.S. Small Business Administration (SBA).
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA also offers Economic Injury Disaster Loans (EIDLs) for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations to help meet working capital needs caused by the disaster.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Additionally, homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates are as low as 2.94 percent for businesses, 1.875 percent for nonprofit organizations, and 1.438 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The SBA loans are for those affected in the counties that were part of the disaster declaration. In addition to St. Louis County, the SBA loans are available to Koochiching, Beltrami, Itasca, and Lake of the Woods counties.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17612.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955. For anyone who is deaf, hard of hearing, or has a speech disability, please dial 7-1-1 to access telecommunications relay services. Questions also can be emailed to DisasterCustomerService@sba.gov.
Loan applications can be downloaded from 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.
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