Loans for tornado zone OK'd

  • Article by: Star Tribune
  • Updated: July 7, 2011 - 9:16 PM
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In the aftermath of the May 22 tornado that ravaged north Minneapolis, volunteer Roberto Fonts picked up debris along a stretch of Emerson Avenue N.

Photo: Jim Gehrz, Star Tribune

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Twin Cities homeowners, renters and business owners affected by the May 22 tornado can now apply for low-interest federal loans. The U.S. Small Business Administration (SBA) made a disaster declaration for Hennepin County on Thursday and will set up a loan center in north Minneapolis next week.

The declaration comes nearly a week after the Federal Emergency Management Agency denied Gov. Mark Dayton's request for $1.93 million in individual assistance aid for the tornado survivors.

The SBA provides loans to homeowners and renters at 2.688 percent interest, businesses at 4 percent and nonprofit groups at 3 percent to recover, with terms up to 30 years.

"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," said Frank Skaggs of the SBA's Field Operations Center in Atlanta.

Any business, resident or nonprofit group affected by the tornado in Hennepin, Anoka, Carver, Dakota, Ramsey, Scott, Sherburne or Wright county is eligible to apply.

Besides being able to apply online (www.disasterloans.sba.gov/ela) or by phone (1-800-659-2955), applicants can visit the Disaster Loan Outreach Center from July 12-19 at Lucy Laney school, 3333 Penn Av. N., Minneapolis.

Filing deadlines are Sept. 6, 2011, for physical property damage and April 9, 2012, for economic damage.

TASNIM SHAMMA

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