Minnesota Disaster loan applications due Tuesday

Homeowners, renters, businesses and nonprofit groups have until Tuesday to apply for federal disaster loans to cover damages related to storms in western Minnesota in June.

The U.S. Small Business Administration loans are available for those affected in Becker, Cass, Clay, Douglas, Grant, Hubbard, Otter Tail, Todd, Wadena and Wilkin counties.

Businesses and non profits may apply for up to $2 million to repair damages sustained by equipment, real estate, machinery and inventory during the storms of June 17-26. Also available are loans of up to $200,000 to repair damaged homes and loans of up to $40,000 to replace furniture, appliances, clothing and other personal property.

Loans with interest rates as low as 2.75 percent are available for eligible homeowners and renters, 3 percent for nonprofit groups, and 4 percent for businesses. Terms of up to 30 years are available.

The SBA's Customer Service Center will provide more details or a loan application by calling (800) 659-2955 or (800) 877-8339 for people with speech or hearing difficulties) weekdays from 8 a.m. to 6 p.m. or send an e-mail to disastercustomerservice@sba.gov.

People may apply online for disaster loans from SBA's secure website, download business loan applications for mailing or obtain more information about SBA's disaster loan programs at http://www.sba.gov/services/disasterassistance/SERV_APPLY_FOR_A_DISASTER_LOAN.html and then mailing the application to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

The SBA also offers Economic Injury Disaster Loans, which are available to small businesses and most private nonprofit groups to help meet working capital needs related to the storms. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to return economic injury applications is April 8, 2011.