U.S. Small Business Administration (SBA) Disaster Loans Now Available in Minnesota

03/21/2020 / Frank Harvey

The SBA has added the Coronavirus (COVID-19) pandemic as a disaster for which small business loan assistance may be available to small businesses. The loans are limited to territories of the United States for which a disaster has been declared on the recommendation of the Governor. Currently, the states which have areas covered by the disaster relief fund include California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Indiana, Maine, Massachusetts, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, Utah and Washington.

Learn more:

  • Uses. The uses can be for all business purposes, including fixed debts, payrolls, accounts payable or funding expenses or losses arising from the disaster.

  • Amount of Credit Available. Up to $2 million per loan.

  • Interest Rates. 3.75% for for-profit businesses; 2.75% for non-profit businesses.

  • Repayment Period. Long term repayment periods are available up to 30 years.

  • How to Apply. It is suggested that you apply online at sba.gov.

  • Informational Webinar. The SBA is holding a webinar tomorrow Sunday, March 22, at 11a.m. to explain the program in more detail. Register here.

  • Three Step Process to Apply in printable .pdf here.

  • Additional Information. The SBA disaster assistance customer service center can be contacted directly at 1-800-659-2955 or by email at disastercustomerservice@sba.gov.

The Corporate and Finance team at Larkin Hoffman is available to help. Please reach out to any of our attorneys for additional guidance.