Disaster Loan Outreach Center helps North Side residents and businesses get help

More than 400 residents, landlords and business owners affected by severe storms and a tornado that struck the North Side May 21-22 have stopped by the Disaster Loan Outreach Center for help. The center, which opened Tuesday, will continue assisting people through Tuesday, July 19.

At the center, people can apply for U.S. Small Business Administration (SBA) recovery loans, which are low-interest loans can be used to cover damage to homes, buildings and personal property. The center will also provide access to other housing and support services from the City and its partners.

Of the hundreds of people who visited the center, nearly half have applied for loans. As of noon today (July 15), 104 renters, 57 homeowners, 12 landlords and 20 business owners filled out loan applications at the Disaster Loan Outreach Center. Staff helped these people complete a total of 80 SBA loan applications.  There were also 89 applications completed for City housing loan programs, and 21 applications completed for City business finance programs.

The Physical Disaster Loans are available to residents and businesses in the area affected by the tornado. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property, such as clothing, furniture, cars or appliances. Businesses and private, nonprofit organizations are eligible for loans of up to $2 million. SBA also offers Economic Injury Disaster Loans to help small businesses meet working capital needs caused by the disaster, and this type of loan is available regardless of whether the business suffered any physical property damage.

Regardless of their situation, folks in the tornado damaged area are encouraged to apply for an SBA loan . They must complete the SBA loan application and be denied for a loan to be eligible for many other forms of assistance.

The center is located at Lucy Laney School, 3333 Penn Ave. N. and the hours of operation are:

City and County translators will be available to assist people in Hmong, Spanish, Somali, and Oromo.

In addition to SBA staff who will take loan applications, the City of Minneapolis and its partners will also have recovery resources available, including:

Apply for SBA loans online or over the phone

For people who cant make it to the Disaster Loan Outreach Center, you can also get loan applications over the phone or online. To get loan information over the phone, call the SBAs Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities), Monday through Friday from 8 a.m. to 6 p.m. ET or by sending an e-mail to disastercustomerservice@sba.gov. Loan applications can also be downloaded from www.sba.gov.Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

People affected by the disaster may also apply for disaster loans electronically from SBAs website at https://disasterloan.sba.gov/ela/.

Since the tornado struck the North Side on May 22, the City of Minneapolis and its numerous partners and volunteers have been working hard to help people in north Minneapolis get back on their feet following this disaster. From clearing streets and picking up more than a million pounds of debris, to making sure homes are safe to live in and connecting people with the resources they need, thousands are pitching in to help folks recover and rebuild. For more information, visit the City's tornado recovery web page.

Published Jul 8, 2011