MINNEAPOLIS -- Residents and businesses affected by the north Minneapolis tornado are running out of time to apply for Small Business Administration (SBA) loans.
The deadline to apply for an SBA loan is September 6. SBA help is available for homeowners, renters, or businesses and the loans have credit and income qualifications. The city advises people to apply because even if an applicant isn't eligible, an SBA denial is required to apply for many other types of assistance.
SBA Disaster loans have interest rates as low as 2.6 percent interest for homeowners and renters, and 4 percent for businesses. 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 7:00 a.m. to 5:00 p.m.
Loan applications are available for download at the SBA's website.
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.
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