Posted on Saturday, 9th July 2011 by Mark Chambers
North Minneapolis residents who are eligible to apply for federal loans can file their applications at a temporary information center established at Lucy Laney School.
At the request of Gov. Mark Dayton, Small Business Administration has made a disaster declaration for North Minneapolis. The loans are a result of this declaration and the SBA currently is offering $200,000 of disaster loans for homeowners whose properties got damaged due to tornados.
The interest rate is 2.6 percent for homeowners, 3 percent for non profit organizations and 4 percent for businesses. Information about rates has been conveyed by SBA spokesman Matthew Young. It is not easy to find such low interest rates at local banks. Applicants’ credit history and repayment ability has got a lot to do in determining loan terms. Normally, term of SBA loans can extend up to 30 years.
Similar Posts:
- SBA Flags off ‘Business Recovery Center’
- Fire Affected Businesses and Residents in Arizona to Receive Disaster Loans
- SBA reminds small business owners in NC of loan availability
- SBA Loan for Maui County to Help Tsunami Disaster Victims
- SBA’s New Business Recovery Center Opens in Barre
Tags: Federal Loans, Loans, Minneapolis Residents, North Minneapolis Residents
Posted in Business News | No Comments »