SBA Offers Disaster Assistance Low Interest Loans To Flood Victims

By KBJR News 1

July 30, 2012 Updated Jul 30, 2012 at 6:43 PM CDT

(Northland's NewsCenter) --- Homeowners, renters and small business owners from northeastern Minnesota and north western Wisconsin who've sustained damages after the floods may now get financial assistance.

The U.S. Small Business Administration is offering assistance in the form of low interest loans.

The SBA declared Douglas, Bayfield, Burnett, Sawyer and Washburn Counties eligible for the loans, as well as Carlton, Pine and St. Louis Counties in Minnesota.

There are several different types of loans available.

Loans up to $200,000 are now available for homeowners to repair, or replace homes that have been damaged or destroyed by the floods.

Homeowners and renters are eligible for loans up to $40,000 to help repair or replace personal property.

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace business assets.

Applicants can apply online using an Electric Loan Application or by calling the SBA's customer service number at 1-800-659-2955.

But starting Tuesday, disaster victims from both sides of the border can visit a temporary Disaster Loan Outreach Center in Superior Wisconsin.

"Some people don't like to take the time to go online and fill out forms. It can be very time consuming," Michelle M. McKercher of the The Development Association said. "Business owners particularly don't have the time. If they can meet with these individuals, they know the particular questions that need to be answered on each one of the questions so they won't have to go line by line by line."

The temporary SBA office opens tomorrow at the Superior Business Center and will remain open until Aug. 9.

The filing deadline to apply for property damages is Sept. 25, 2012.

The deadline to return economic injury applications is April 29, 2013.

SBA customer service reps will be available to assist people Tuesday- through Thursdays from 8 a.m. to 4:30 p.m.

And for those who can't make it during the work week, the center will be open from 10 a.m. to 2 p.m. this weekend.

Jennifer Walch
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