State requests additional funding for tornado recovery

Governor Mark Dayton today requested a disaster declaration for Hennepin County from The U.S. Small Business Administration (SBA). The Governor’s request comes after FEMA denied Minnesota’s appeal for individual assistance on Friday.

SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. SBA offers home and personal property loans, business physical disaster loans, and economic injury disaster loans.

If an SBA declaration is received, people may be eligible for financial assistance from the SBA - even if they don't own businesses. Homeowners, renters and/or personal-property owners, may apply to the SBA for loans to help recover from a disaster.

Any business or private, nonprofit organization, which is located in a declared disaster area and has incurred damage during the disaster, may apply for a loan to help replace damaged property or restore it to the condition it was in before the disaster.

More information about SBA disaster loans is available online http://tinyurl.com/3p8oq8j.

Published Jul 6, 2011