Governor Tim Walz announced Wednesday that Minnesota businesses that sustained extensive property damage in the civil unrest following the death of George Floyd are now able to apply for disaster assistance through the U.S. Small Business Administration (SBA). This approval follows a letter sent by Governor Tim Walz on July 31, 2020, to the SBA’s Office of Disaster Assistance, requesting that Minnesota businesses be eligible for this assistance.
“These last few months, I have visited with business owners and community leaders to talk about the next steps in rebuilding. To them, rebuilding is about more than a storefront – it’s about maintaining the vibrancy and vitality of the community,” said Governor Tim Walz. “I am grateful that our federal partners have stepped in to help. There is a lot of work ahead, and we must continue to commit the resources needed to rebuild together.”
Nearly 1,500 Twin Cities businesses were damaged by vandalism, fire, or looting. Current estimates of the damage exceed $500,000,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing as they work to repair and rebuild.
The SBA’s Business Physical Disaster Loan program provides businesses of all sizes with working capital loans of up to $2 million to help property owners repair and replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Businesses in the affected areas of Hennepin, Anoka, Carver, Dakota, Ramsey, Scott, Sherburne and Wright county may apply for a loan at https://disasterloan.sba.gov/ela.
On July 2, Governor Walz requested a major disaster declaration to provide public assistance and hazard mitigation assistance, which was denied. The governor is in the process of appealing that decision.
–Information provided by the Office of Gov. Walz.
Reach the MSR staff at msrnewsonline@spokesman-recorder.com.