SBA Opens Low-Interest Disaster Loans for Minnesota Businesses Hit by Boundary Waters Wildfires: Up to $2 Million Across Seven Counties
The U.S. Small Business Administration (SBA) announced on October 26 that low-interest federal disaster loans are available to small businesses and private nonprofit organizations in Minnesota affected by the Boundary Waters Canoe Area Wilderness wildfires: businesses and nonprofits in Minnesota's Aitkin, Carlton, Cook, Itasca, Koochiching, Lake and St. Louis counties, as well as Douglas County in Wisconsin, are eligible for Economic Injury Disaster Loans (EIDLs) of up to $2 million to offset economic losses caused by the fires.
The wildfires occurred from July 11 to August 11, 2026, in and around the Boundary Waters Canoe Area Wilderness in northeastern Minnesota. The SBA said it issued the disaster declaration in response to an October 21 request from Minnesota Governor Tim Walz.
The Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives and private nonprofit organizations, including faith-based organizations, with financial losses directly related to the disaster. The loans are for working capital needs and are available even if a business did not suffer physical damage; they may be used to pay fixed debts, payroll, accounts payable and other bills that could not be paid because of the disaster. The SBA said it is unable to provide disaster loans to agricultural producers, farmers or ranchers, except for small aquaculture enterprises.
Loan amounts can be up to $2 million, with interest rates as low as 4% for small businesses and 3.625% for private nonprofit organizations and 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. The SBA sets loan amounts and terms based on each applicant's financial condition.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Beginning Tuesday and Wednesday, October 27 and 28, SBA customer service representatives will be on hand at Business Recovery Centers in St. Louis and Cook counties. The St. Louis County center, at 1600 E. Sheridan St. in Ely, opens at noon on October 27, with hours Monday to Friday, 8 a.m. to 5 p.m., and Saturday, 9 a.m. to 1 p.m., and closes permanently at 4 p.m. on November 10. The Cook County center, at the Cook County Community Center, 317 W. 5th St. in Grand Marais, opens at noon on October 28, with hours Monday to Friday, 9 a.m. to 6 p.m., and Saturday, 9 a.m. to 1 p.m.; it will close temporarily on November 3 for Election Day and permanently at 5 p.m. on November 10. Walk-ins are welcome, and in-person appointments can be scheduled in advance.
Applicants may also apply online at sba.gov/disaster, call SBA's National Support Network Center at (866) SBA-HELP, or email [email protected]. The filing deadline for economic injury applications is July 22, 2027.
Source: GSM · USA (original Chinese edition)
Photo: 图：明尼苏达州边界水域独木舟区荒野湖畔的独木舟（资料图）。图片来源：Chad Fennell 摄，Wikimedia Commons，CC BY 2.0。Photo: Canoes on a lake in the Boundary Waters Canoe Area Wilderness, Minnesota (illustrative). Credit: Chad Fennell, Wikimedia Commons, CC BY 2.0.
