Loans to be available to help folks with tornado recovery

The U.S. Small Business Administration granted a disaster declaration on Thursday, July 7 for Hennepin and seven other counties affected by the May 22 tornado that created wide-spread destruction in the area. The declaration makes available low-interest, long-term loans to residents, homeowners, businesses and not-for-profit organizations in Hennepin county and seven contiguous counties including Anoka, Carver, Dakota, Ramsey, Scott, Sherburne and Wright.

This action followed a request by Governor Mark Dayton requesting a disaster declaration for Hennepin County from The U.S. Small Business Administration (SBA) after FEMA denied Minnesota’s appeal for individual assistance on July 1.

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.

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 following the May 22 tornado, may apply for a loan to help replace damaged property or restore it to the condition it was in before the disaster.

Residents and businesses will have a number of avenues to apply for loans from the SBA. A Disaster Loan Outreach Center will open in North Minneapolis as early as next week, where people affected by the tornado can go to apply for loans or to get other housing and support services from the City of Minneapolis and its partners.

People will also be able to apply for the loans over the phone and online. More details on how to apply for loans will be available in the coming days. More information about SBA disaster loans is available online 

Published Jul 7, 2011