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 This material may not be published, broadcast, rewritten or redistributed.)

Comments (6)
  1. captainobvious says:

    Will they consider drug dealing and breeding like animals small business? I hate to say it but they will have to because that is their main line of income and employment. Will these loans be used for better guns and better ammunition so these thugs can be prepared to rob the community better.

    1. keel says:

      Unfortunately, you’re right.

  2. Tball says:

    hopefully in this economy, people will be able to repay the loans and get the community up and going. it looks like a war zone over there, and many people in the community are working hard to get everything back to functional and safe living again. I hope this loan is a good thing for N mpls, and that it helps get people back on their feet.

  3. TRS says:

    i agree. thugs. what is normal functional and safe????? wake up TBALL. none of these people will repay loans. What a joke

  4. Tball says:

    im just staying positive. Im fully aware of the demographic here. Im fully aware of the statistics here. however, there are PEOPLE who need to get back on their feet in North, and HOPEFULLY this will help them.

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