ND Dept. of Commerce Encourages Businesses to Prepare for SBA Disaster Loan Application

The SBA will provide up to $2 million per company in low-interest loans.

BISMARCK, N.D.–The North Dakota Department of Commerce is encouraging businesses experiencing financial strain due to the novel coronavirus to begin preparing for a Small Business Administration Disaster Loan application.

The Small Business Administration announced the availability of $7 billion to assist small businesses on March 12. The SBA says it will provide up to $2 million per company in low-interest loans.

According to the SBA, the loan application is not yet open to North Dakota, but several steps can be taken to ensure an application is submitted in a timely manner.

Commerce Commissioner Michelle Kommer said, “We have been advised that applications are approved on a first come, first serve basis. Time is of the essence to ensure North Dakota business applications are received and processed before influx of other states.”

The ND Dept. of Commerce says businesses wishing to apply for the loan should gather documents and additional information necessary for the application which can be found here.