Duluth, MN (Northland's NewsCenter) --- $3 million are at stake this weekend with the deadline to apply for federal low-interest disaster recovery loans coming up on Monday, October 15th.
Flood Homes with Hope is urging families and friends to help their loved ones impacted by June's flooding to seek help soon and apply for these loans this weekend.
Individual families can apply for a loan up to $200,000 for real property damage and up to $40,000 for personal property damage.
Flood Homes With Hope will operate three Help Centers on Saturday in Duluth, Cloquet, and Moose Lake, staffed by Disaster Case Managers and volunteers to answer questions and walk flood survivors through the process.
The centers will be set up from 10 a.m. until 3 p.m. on Saturday October 13th.
• Duluth Public Library, 520 West Superior Street, Duluth
• Fond du Lac Community Center, 1720 Big Lake Road, Cloquet
• Moose Lake High School, 413 Birch Avenue, Moose Lake
You can also apply at SBA.gov or 800.659.2955 (or 800.877.8339 for those hard of hearing). About half of those who apply are grants SBA loans, but the denial opens up other options.
These applications are key because the largest amount of state assistance is dependent on homeowners completing the federal application through the Small Business Administration.
“If we can get just over 100 more applications, we can get another $3 million flowing into our region,” said Drew Digby, the Regional Long Term Recovery Coordinator for Flood Homes With Hope. “This weekend, we want flood survivors to help, but we also want family members to sit down with those in their families who suffered a loss and tell them, ‘This is the moment, you have to do it.’ And we want neighbors to check in with neighbors. And friends to make sure their friends have done what they need to do.”
Flood survivors who can’t afford the federal loans can qualify for forgivable, no-interest state loans for their homes.
For every 100 homeowners in our region who have applied for assistance, the SBA has awarded nearly $1.4 million in loans. Those denied for the SBA loans are qualified for an equal amount of state QuickStart loans through Minnesota Housing.
Posted to the web by Krista Burns