City, federal assistance possible for businesses impacted by I-35W bridge collapse
In an effort to assess the need for a special program to assist businesses impacted by the Aug. 1 collpase of the I-35W bridge, the City of Minneapolis’ Department of Community Planning and Economic Development (CPED) is asking area businesses to submit an estimate of lost revenues and economic injury by Thursday, Sept. 13.
Estimates may be sent to Bob Lind at CPED, either by email, bob.lind@ci.minneapolis.mn.us; or by regular mail to:
Bob Lind
City of Minneapolis
Department of CPED
Crown Roller Mill, Suite 200
105 Fifth Ave. S.
Minneapolis, MN 55401-2534
Federal disaster relief loans are also available to impacted businesses through the Small Business Association (SBA), which has set up local assistance centers at the Crown Roller Mill, 2nd floor (address above), as well as on the 4th floor of the Accenture Tower at 333 S. 7th St., in Downtown Minneapolis. SBA Customer Service Representatives will be on-hand to give out applications and help applicants to fill them out. The Crown Roller center is open Monday-Friday, 8 a.m.–4:30 p.m.; the Accenture location Monday-Friday, 8:30 a.m.–5 p.m.
Businesses are encouraged to contact the SBA to start the process to apply for assistance, even if they do not know the full extent of their losses.
Steven Preston, administrator of the U.S. SBA, said the loans, which would be provided at 4 percent interest for terms up to 30 years, would be available to small businesses in eight counties: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Sherburne and Wright. Loans can be made for up to $1.5 million. Preston said the SBA took the action of making the loans available in response to an Aug. 20, 2007, letter from Minnesota Governor Tim Pawlenty in which he requested an SBA disaster declaration.
Businesses interested in receiving a low-interest loan must submit an SBA Disaster Loan application, which can be downloaded from the SBA website. Application requests can also be made over the phone by calling 1-800-659-2955.
The deadline for submitting completed applications to the SBA is May 22, 2008.
For questions about city or SBA assistance, call Bob Lind at 612-673-5068.
last revised: September 10, 2007