The U.S. Small Business Administration (SBA) has announced the permanent closure of all Business Recovery Centers (BRCs) in Minnesota, effective Wednesday, October 2, 2024. These centers have provided essential support for individuals and businesses recovering from the severe storms and flooding that impacted many Minnesota counties from June 16 through July 4, 2024.
Business Recovery Centers Closing Permanently
Due to a decline in visitors, the following BRC locations will be permanently closing on October 2:
– Le Sueur County BRC (Waterville, MN) – Closing at 6:00 PM
– Jackson County BRC (Jackson, MN) – Closing at 4:30 PM
– St. Louis County BRC (Cook, MN) – Closing at 6:00 PM
These centers have played a key role in assisting businesses and non-profit organizations by offering disaster loan application assistance, updates, and document submission.
Financial Assistance Still Available
Though the centers are closing, financial assistance is still available through the SBA’s disaster loan programs for both businesses and individuals impacted by the flooding.
1. Business Physical Disaster Loans: Up to $2 million to repair or replace real estate, equipment, inventory, and other assets damaged by the disaster.
2. Economic Injury Disaster Loans (EIDL): Available to help businesses and non-profits meet working capital needs caused by the disaster, even if they did not suffer physical property damage.
3. Home Disaster Loans: Homeowners can borrow up to $500,000 to repair or replace disaster-damaged real estate, and renters may borrow up to $100,000 for personal property.
Key Loan Information
– Interest rates are as low as 2.688% for homeowners, 4% for businesses, and 3.25% for non-profits.
– Loan terms can extend up to 30 years, and the first payment is not due until 12 months after the initial loan disbursement.
Important Deadlines
– The deadline for physical damage loan applications is October 27, 2024.
– The deadline for economic injury loan applications is April 29, 2025.
How to Apply
You can apply for SBA disaster loans online at the SBA’s Disaster Loan Portal at https://lending.sba.gov, or contact the SBA Customer Service Center at 1-800-659-2955 for assistance. For those who are deaf or hard of hearing, dial 7-1-1 to access telecommunications relay services.
To access more details on the disaster loan programs and closure information, view the following fact sheets:
Press Release: Business Recovery Center Closure (English)
Press Release: Business Recovery Center Closure (Spanish)