North Side residents and businesses can still apply for tornado recovery loans

Following the closure of the Disaster Loan Outreach Center on Tuesday, July 19, Hennepin County homeowners, renters, businesses and non-profit organizations of all sizes can continue to apply for assistance to help recover from the storms and tornado of May 21-11.

The U.S. Small Business Administrations low-interest disaster loan program is still available. Applications can be received by calling 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: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.  Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.

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. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, and most private non-profit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The filing deadline to return applications for physical property damage is Sept. 6, 2011 and the deadline to return economic injury applications is April 9, 2012.

Published Jul 19, 2011