Disaster Loan Assistance Deadline
The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations (PNPs) in Minnesota that April 10 is the filing deadline for federal economic injury disaster loans for economic losses caused by the severe storms, straight-line winds, tornadoes and flooding that occurred May 8-13, 2022.
Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNPs located in the Minnesota counties of Aitkin, Big Stone, Cass, Chippewa, Cottonwood, Douglas, Grant, Kandiyohi, Lac Qui Parle, Lincoln, Morrison, Nobles, Pope, Redwood, Renville, Stearns, Stevens, Swift, Todd, Traverse, Wadena, Wilkin and Yellow Medicine are eligible to apply.
The SBA offers federal Economic Injury Disaster Loans (EIDLs) to help eligible non-critical PNP organizations meet their working capital needs such as ongoing operating expenses. Loan amounts can be up to $2 million with an interest rate of 1.875 percent and terms up to 30 years. EIDL assistance is available regardless of whether the organization suffered any physical property damage. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To be considered for this assistance, PNPs need to apply by the deadline. Applicants may apply online at DisasterLoanAssistance.sba.gov/ela/s under SBA declaration # 17521.
If you have questions, please call the FOCE Communications Department at (404) 331-0333.
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