US Small Business Administration offers low-interest disaster loans
The US Small Business Administration (SBA) is offering low-interest disaster loans to small businesses in the counties affected by the collapse of the Interstate 35W bridge earlier this month.
The SBA took the action following a request from the Minnesota Governor Tim Pawlenty.
Steven Preston, Administrator of the SBA, said: "We look forward to working with the State of Minnesota in making our loans available to small businesses that sustained economic injury due to closure of the bridge. We will be swift in our efforts to help the business owners with their working capital needs."
Eligible small businesses may qualify for loans up to $1.5m. Interest rates are available at 4 percent with loan terms up to 30 years.
Edward Daum, SBA's Minnesota District Director, added: "SBA can help these small businesses overcome their economic losses by offering these working capital loans, but the help cannot start until they submit a SBA Disaster Loan application to us.”
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