Flood Victims Encouraged To Visit Loan Centers Now
After Friday, when the legislature approved nearly $160 million to help flood victims in the Northland, local officials are encouraging people to apply for loans and tap into this resource.
Officials are saying that people need to take the initiative in order to reap the benefits.
State Representative Mary Murphy told WDIO that: “Anyone who thinks they have a chance needs to file papers, because the money is there.”
The first step in the process is applying for a loan with the Small Business Administration. If victims don’t qualify, quick start loans are available from the state. Those loans are no-interest, forgivable loans maxing out at $30,000, but only if you don’t move within ten years.
Beyond these two loan programs, there are other sources of money available, but flood victims must start with the SBA. Officials said people need to visit a loan outreach center in the area before they close August 29. There is a loan center at the DECC in Duluth, and two others in Pine and Carlton counties.
Once those centers close, people can apply for loans online or over the phone. The deadline for loans from the SBA is October 15.