Lake of the Woods Small Businesses Now Eligible for SBA Disaster Recovery Loans

Lake of the Woods County businesses that have suffered losses due to the flooding may be eligible for Small Business Administration (SBA) Disaster Assistance Loans. The SBA offers low fixed interest rates, and long-term repayment options to keep payments affordable with terms up to a maximum of 30 years. Terms and eligibility are determined on a case-by-case basis, based on each borrower’s unique situation. Two SBA programs may be able to assist Lake of the Woods area businesses. A business may qualify for one, or both programs.

If your business has experienced physical damage due to flooding or strong storms this year, you may be eligible for an SBA Business Physical Disaster Loan. This program offers up to $2 million to qualified businesses to cover disaster losses not fully covered by insurance. Loan proceeds may be used for the repair or replacement of real property, equipment, fixtures, inventory, and other physically damaged business assets. For more information and to apply please visit:

https://www.sba.gov/funding-programs/disaster-assistance/physical-damage-loans

If your normal business operations have been disrupted by flooding, you may be eligible for SBA’s Economic Injury Disaster Loan (EIDL) program. EIDL provides working capital to help small businesses impacted by a disaster survive until normal operations resume. EIDL proceeds can be used to meet financial obligations and operating expenses that could have been met had the disaster not occurred. For more information and to apply visit:

https://www.sba.gov/funding-programs/disaster-assistance/economic-injury-disaster-loans

Lake of the Woods County along with State and Federal partners, including SBA will host future informational meetings to provide in-person assistance for those wishing to apply. However, businesses and individuals may obtain information and apply online. Lake of the Woods County Economic Development is here to help and will connect you with available resources. As details become clearer, we will keep you informed. For assistance with an application or if you have any questions, please contact EDA Director Ryan Zemek at (218) 760-4729 or ryan_z@co.lotw.mn.us