U.S. Small Business Administration Providing Loans For Small Businesses and Nonprofits Affected By Northern Minnesota Wildfires

Detroit Lakes , MN (KDLM/Learfield)- The U.S. Small Business Administration has announced low-interest federal disaster loans that will be available to small businesses and private nonprofit organizations to offset economic losses from the wildfires that happened in northern Minnesota this past summer. The SBA issued a disaster declaration in response to the October request from Governor Tim Walz. The loans will be issued to businesses and nonprofits in Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis. The loan amount can be up to $2 million with interest rates as low as 4 percent for small businesses and 3.625 percent for private nonprofit organizations, with terms of up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.