Homeowners, Renters, Businesses of any size, and Private Non-Profits in the 19 primary counties that were declared a disaster – which include, Cook, Itasca, Lake, and St. Louis County – can apply for a SBA low interest rate disaster loan to repair or replace their property that was damaged or destroyed by the storms and flooding.
The SBA is available if insurance proceeds and/or a FEMA grant is not enough for a resident or business to fully recover from the disaster.
Apply online at: https:// lending.sba.gov or at the temporary Business or Disaster Recovery Center located in St. Louis County:
Cook Fire Department, 111 – 2nd Street East, Cook, MN 55723
Monday-Friday 8:00 a.m. to 6:00 p.m. and Saturdays 9:00 a.m. to 3:00 p.m.
St. Louis Public Works Training Room, 7823 Hwy 135, Virginia, MN 55792
Monday-Friday 9:00 a.m. to 6:30 p.m.; Saturday 9:00 a.m. to 4:00 p.m.
Call SBA with any questions at: 1-800-659-2955 or 711 for the hearing impaired
LOAN TERMS
Maximum loan up to:
$500,000 for real property disaster loans for homeowners
$ 100,000 for personal property disaster loans for homeowners and renters which includes: furniture, clothing, automobiles, etc.
$2 million for businesses and non-profits which consists of the total loan amount for property, mitigation, and an Economic Injury Disaster Loan “EIDL”.
Please note that only the EIDL has an application deadline of April 29, 2025. Applicants can speak to the Loan Officer to determine if they are eligible to apply for a mitigation loan.
INTEREST RATES
Interest rates as low as:
2.688 % Homeowners and Renters
3.250 % Private Non-Profits
4.000 % Businesses
ADDITIONAL BENEFITS TO AID IN THE RECOVERY
No application fee
No interest accrues during the first year of the loan
First loan payment is not due for a period of one year
Do not have to wait for insurance claim settlement or a FEMA grant in order to apply for a SBA disaster loan
No collateral is requested for loans $25,000 or less
Most loan terms are 30 years
