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.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to