SBA Rolls Out Disaster Aid for Minnesota's Storm-Damaged Businesses
Published Date: 10/7/2025
Notice
Summary
Minnesota got hit by big storms and high winds on June 21, 2025, and now the government says it’s a disaster area. People and businesses in Beltrami and nearby counties can apply for low-interest disaster loans to fix damage or cover lost income. You’ve got until December 1, 2025, to apply for physical damage loans and until July 2, 2026, for economic injury loans—so don’t wait!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Low‑Interest Physical Repair Loans for Homeowners
If you own a home in the disaster area (Beltrami County or the listed contiguous counties), you can apply for an SBA physical damage disaster loan to repair storm damage. Homeowner interest rates are 5.625% if you have credit available elsewhere and 2.813% if you do not; the deadline to apply for physical damage loans is December 1, 2025.
Physical Damage Loans for Businesses and Nonprofits
If your small business or nonprofit in the disaster area (Beltrami County or the listed contiguous counties) suffered physical damage from the June 21, 2025 storm, you can apply for SBA physical disaster loans. Business interest rates are 8.000% with credit available elsewhere and 4.000% without; nonprofit rates are 3.625%; the deadline to apply for physical damage loans is December 1, 2025.
Economic Injury (EIDL) Loans for Businesses and Cooperatives
If your business or small agricultural cooperative in the disaster area (Beltrami County or the listed contiguous counties) lost income because of the June 21, 2025 storm, you may apply for an Economic Injury Disaster Loan (EIDL). EIDL interest rates are 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for nonprofits without credit available elsewhere; the EIDL application deadline is July 2, 2026.
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