People in six southern Minnesota counties hit by heavy rains and flooding in June and July are now eligible for low-interest recovery loans from the federal government. Jack Camp with the Small Business Administration says for homeowners it includes real estate, personal property and automobiles…for renters, their personal property…and for businesses, any physical damage. He says in addition the businesses and non-profits can get working capital loans as a result of the disaster.
Camp says it’s a “really powerful tool” for people to finance their recovery. “These loans are for up to 30 years, and for homeowners the interest rates are as low as 1.938 percent — that’s less than two percent. For businesses they’re as low as four percent,” he says.
The S-B-A has opened a temporary office in Kasson to take loan applications and answer questions — or apply on-line at DisasterLoan.sba.gov.
Residents of the following counties are eligible: Dodge, Goodhue, Mower, Olmsted, Rice and Steele. The disaster loan outreach office in Kasson is open Saturdays 10am-2pm and weekdays through August 14th.