Loans available for Minneapolis individuals, businesses and nonprofits affected by civil unrest

Minneapolis individuals, property owners, businesses and nonprofits can now apply for low-interest disaster loans. The U.S. Small Business Administration (SBA) has approved a disaster declaration for areas in Minnesota affected by the recent civil unrest.

Three types of SBA disaster loans

• Home disaster loans for homeowners or renters to repair or replace disaster-damaged real estate and personal property including automobiles.
• Physical disaster loans to repair or replace disaster-damaged property owned by businesses and nonprofits including real estate, inventory and equipment. Businesses and nonprofits of any size are eligible.
• Economic injury disaster loans for working capital to help small businesses and nonprofits meet their financial obligations that cannot be met as a direct result of the disaster.

For help preparing financial documentation, Minneapolis businesses can consult with an advisor through the City’s Business Technical Assistance Program or contact the Minneapolis Small Business Team at 612-673-2487 or SmallBusiness@minneapolismn.gov.

Apply online here by Oct. 2 for physical disaster loans and May 3, 2021, for economic injury disaster loans.

See the Small Business Administration news release and fact sheet for more information. Business and property owners with questions about the loan application can contact the SBA Virtual Disaster Loan Outreach Center at 571-422-6078 or 571-422-6871 or FOCE-Help@sba.gov.