Mower County businesses and residents affected by severe weather and flooding from June 27 through July 7 can apply for low-interest loans from the U.S. Small Business Administration (SBA).

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets,” said SBA’s Minnesota District Director Nancy Libersky.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether or not the business suffered and physical property damage.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate,” said Kim Fleming, Center Director of SBA’s Field Operations Center East in Atlanta. “Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.”

Applicants may be eligible to a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s website at DisasterLoan.sba.gov.

Businesses and individuals may also obtain information and loan applications by calling 1-800-659-2955 (1-800-877-8339 for the deaf or hard-of-hearing) or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the Disaster Loan Outreach Center, located at Kasson City Hall, 401 Fifth Street SE, Kasson, MN 55944, or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Sept. 30, 2019. The deadline to return economic injury applications is May 1, 2020.