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Deadline approaches for Minneapolis tornado victims to apply for loans

So far, the Small Business Administration says nearly 50 people have gotten loans totaling $782,000. Close to 400 people have picked up paperwork to apply for a loan, but only half have completed the process.
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So far, the Small Business Administration says nearly 50 people have gotten loans totaling $782,000. Close to 400 people have picked up paperwork to apply for a loan, but only half have completed the process.

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State urges flood victims to apply for loans as deadline draws near

An October 15th deadline looms for people who suffered property damage in June's floods to apply to the Small Business Administration for help. So far fewer than 300 people have applied. Even a rejected application is important: getting turned down by the federal agency is a step toward qualifying for state aid.

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Only about 100 more applications are needed to get $3 million in federal loans for residents suffering from flood damage in the Duluth area. For every 100 homeowners that apply for assistance, $1.4 million is awarded from the U.S. Small Business Administration. The deadline for low-interest recovery loans is October 15th.

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The U.S. Small Business Administration has announced it is making low-interest disaster loans available to help flood victims – including homeowners – make repairs and replace damaged property, WDIO reports. FEMA has denied Minnesota's request for individual disaster aid, although the state is appealing. The SBA loans create another option for people, officials say.

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