Businesses, nonprofits impacted by unrest encouraged to apply for SBA disaster loan
Buildings burn following riots in Minneapolis after the death of George Floyd. (FOX 9)
(FOX 9) - Businesses and nonprofits impacted by the civil unrest following the death of George Floyd are encouraged to apply for a disaster loan through the U.S. Small Business Administration.
This includes businesses, nonprofits, homeowners and renters in Hennepin, Anoka, Carter, Dakota, Ramsey, Scott, Sherburne and Wright counties impacted due to the unrest from May 27 through June 8.
Businesses and nonprofits can borrow up to $2 million to repair or replace damaged or destroyed property, equipment, inventory and other items. Loans up to $200,000 are available to homeowners for impacted real estate. Loans for homeowners and renters are available for up to $40,000 to replace or repair personal property.
Interest rates are as low as 3 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.25 percent for homeowners and renters, with terms up to 30 years.
The online application can be accessed here. The deadline to apply is October 2.
For more information, you can call the Virtual Disaster Loan Outreach Center at (800)659-2955 from 8 a.m. to 8 p.m. Monday through Sunday or email FOCE-Help@sba.gov. These services are only for assistance related to the unrest, not the COVID-19 pandemic.