Disaster Loans Office To Open In Minneapolis

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(credit: CBS)

(credit: CBS)

MINNEAPOLIS (AP) — Victims of the tornado that roared through north Minneapolis in May will be able to apply for low-interest loans through a new Disaster Loan Outreach Center opening on the north side on Tuesday.

It will help residents and businesses apply to the U.S. Small Business Administration for the loans, which can be used to cover damage to homes, buildings and personal property.

The center will open on Tuesday at Lucy Laney School, 3333 Penn Ave. N. It will be open from 10:30 a.m. to 7 p.m. Tuesday through Friday and from 9 a.m. to noon on Saturday.

Loans up to $200,000 are available to homeowners to repair or replace real estate. Homeowners and renters are eligible for loans up to $40,000 for damage to personal property.

Businesses and nonprofit organizations are eligible for loans up to $2 million.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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