Renville County receives SBA disaster designation

WASHINGTON, DC - The U.S. Small Business Administration has given the SBA Disaster Declaration for homeowners, renters, landlords and business owners affected by the multiple tornadoes that occurred between June 22 and 24 in Renville County and the contiguous counties of Brown, Chippewa, Kandiyohi, McLeod, Meeker, Nicollet, Redwood, Sibley and Yellow Medicine.

U.S. Rep. Collin Peterson announced the designation Friday, saying, “This is good news for these disaster victims. SBA assistance can be helpful to those who are trying to get their homes and businesses back to normal.”

The SBA will be opening a temporary disaster office at the Buffalo Lake High School on Wednesday, July 30, and will be open from 9 a.m. to 6 p.m. Monday through Friday until further notice. The office also will be open from 8 a.m. to 12 p.m. on Aug. 2, one Saturday only.

If people had some insurance, or no insurance, and had any damage from the multiple tornadoes that occurred in Buffalo Lake between June 22 and June 24th, they are eligible to apply for this help.

SBA offer loans of up to $200,000 to repair disaster damaged homes. Homeowners and renters are eligible for up to $40,000 to replace personal property. Loans to businesses and non-profit organizations of up to $1.5 million are also available to repair damage to real estate, machinery and equipment, inventory and etc. and leasehold improvements. Economic Injury Disaster Loans or EIDL also may be made to small businesses unable to pay bills and meet expenses because of this disaster. Interest rates can be as low as 2.812% for homeowners and renters and 2.953% for businesses with terms up to 30 years. Actual loan amounts and terms are set by SBA and are based upon each applicant's financial condition.

The deadline for physical damage applications is September 23, 2003 - the deadline for economic injury applications is April 26, 2004.

To apply by phone, contact the SBA at 800-359-2227.

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