Deadline to apply for SBA loans to repair tornado damage approaching
People affected by the May 22nd tornado in Minneapolis have until September 6th to apply for a Small Business Administration loan to help pay for storm repairs. The loans are available for homeowners, renters and businesses. The loans have credit and income qualifications. The city suggests applying for a loan even if you're not sure you qualify because an SBA denial is required to apply for many other types of assistance.
SBA Disaster loans have rates as low as 2.6 percent interest for homeowners and renters, and 4 percent for businesses that meet credit and income qualifications. The amount the SBA will lend depends on the cost of repairing or replacing the structure and/or contents, minus any insurance settlements or grants. To apply, call the SBA's Customer Service Center at (800) 659-2955 Monday - Friday from 7 a.m. to 5 p.m. Loan applications are available for download from www.sba.gov. Completed applications should be mailed 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 loans electronically from SBA's website.
More information from the city of Minneapolis:
-Private insurance: What if my insurance doesn't cover the cost of repairing tornado damage to my home or property?
You can negotiate with your insurance company about your claim. Homeowners and property owners affected by the tornado with questions about insurance claims, repair contracts, other real estate matters, or other legal issues can call Volunteer Lawyers Network at (612) 752-6677.
-Other resources: What if my insurance coverage isn't enough to make repairs and I am not eligible for an SBA Loan?
When private insurance and SBA loans do not meet tornado repair needs, other resources may be available. An SBA denial is required to access most other disaster funds. The Minnesota Housing Quick Start Disaster Recovery Program will provide assistance as a last resort to return a damaged home to its pre-disaster condition.
Property owners who need additional financial assistance for home repair can contact these organizations to learn about available loans and grants:
Center for Energy & Environment, (612) 335-5884
Housing Resource Center - North, (612) 588-3033
Neighborhood Housing Services, (612) 521-3581
If your property did not receive substantial damage but you still need help, you may be eligible for assistance from volunteers through these organizations:
Twin Cities Habitat for Humanity, (612) 788-8169
Rebuilding Together, (651) 776-4273
The Northside Community Response Team Hotline is available to help people with questions on housing and legal issues, dealing with landlords, support for businesses and more at
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