For Businesses
Financial Assistance
Small Business Development Centers
Back
SBA Disaster has established a "Business Recovery Center" (BRC) at the SBDC in Moorhead. The BRC will house two SBA Business Disaster Assistants to help businesses affected by the disaster with disaster application.
Hours available: 8 am - 6 pm, Monday - Friday
(possibly Saturday - check with center)
Moorhead SBDC
MN State University-Moorhead
1104 7th Ave. So.
Moorhead MN
SBA fact sheet: Disaster Loans
Anyone unable to visit the Moorhead Center for SBA loans may obtain an application by calling the SBA’s Customer Service Center at:
1-800-659-2955
TTY: 1-800-877-8339
Call hours (EDT):
Monday - Friday: 8 am - 9 pm
Saturday and Sunday: 9 am - 9 pm
Or send an email to: disastercustomerservice@sba.gov.
Or download an application: www.sba.gov/services/disasterassistance.
Completed applications should be returned to the Center or mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155.
The deadline to return physical damage applications is June 9, 2009
The deadline to return Economic Injury applications is January 11, 2010.
Businesses of any size and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA also offers mitigation loans to disaster victims based on 20 percent of the verified physical loss. These funds are designed to help borrowers pay for protective measures to protect or minimize damages of the same kind in the future.
For small businesses, and private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates can be as low as 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant’s financial condition.
Victims should not wait to settle with their insurance companies before applying for disaster loan assistance. If a victim does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
About Small Business Development Centers (SBDCs)
Print version (pdf)
Minnesota's statewide network of Small Business Development Centers provide professional consulting to small businesses on a variety of business needs.
In the wake of a disaster, the SBDCs work with small businesses to help them apply for Disaster Loans from the U.S. Small Business Administration.
SBDC consultants help small businesses complete and file the required paperwork according to federal guidelines.
The SBDC in Moorhead is located at:
MN State University-Moorhead
1104 7th Ave. So.
Moorhead MN
Contact Len Sliwoski at (218) 477-2289.
Contact key SBDC personnel in any region of the state.