SBA to offer low-interest disaster loans to help Minnesota businesses impacted by civil unrest
A Lake Street business lies in rubble in south Minneapolis.[Richard Reeve/KSTP]
Tuesday, the Small Business Administration announced it will off low-interest disaster loans to Minnesota businesses and residents who were impacted by the civil unrest that followed after George Floyd was killed while in police custody.
A release from the SBA said the loans were made available in response to a July 13 letter from Minnesota Gov. Tim Walz that requested a disaster declaration. The declaration covers Hennepin County, as well as Anoka, Carver, Dakota, Ramsey, Scott Sherburne and Wright counties.
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SBA officials said businesses and private nonprofit organizations may borrow up to $2 million, while homeowners may request up to $200,000.
Interest rates on the loans are as low as 3% for businesses, 2.75% for nonprofit organizations and 1.25% for homeowners or renters.
Because of COVID-19, the SBA will not send representatives into the field to assist those impacted by the civil unrest.
The SBA has set up an online outreach center where business owners and residents may apply for assistance.