SBA loan deadline coming soon for private property owners impacted by spring flooding

FEMA did not grant the state of Minnesota individual assistance to help private property owners with damages from the spring flooding that began on April 22, but low-interest loans are available for private entities, including businesses, nonprofits and homeowners, with physical property damage.

According to a release from the Small Business Administration, the declaration is for Koochiching County and adjacent counties, including Beltrami County.

Property owners would apply directly through the SBA, not the Beltrami County Emergency Management Office.

Interest rates from the SBA are 2.94 percent for businesses, 1.875 percent for nonprofits, and 1.438 percent for homeowners and renters.

The filing deadline is Nov. 7 for physical property damage applications. More information is available on the SBA website with declaration #17612.

Featured photo: Sergeant Grimsley encountered the Nelson Dam Road completely underwater on 4-25.: 

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