***\`0 Disaster
News***![](media/image1.png){width="1.5847222222222221in"
height="0.7277777777777777in"}

***Loans for Homeowners, Renters and Businesses of All Sizes***

SBA Disaster Assistance -- Field Operations Center- East - One Baltimore
Place, Suite 300 - Atlanta, GA 30308

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**Release Date:** May 4, 2007 C**ontact:** Michael Lampton

**Release Number:** 07-368, MN 10838/10839 **Phone**: 404-347-3771

**DEADLINE TO APPLY FOR DISASTER LOANS APPROACHING**

***SBA PHYSICAL APPLICATION DEADLINE JUNE 1***

**Atlanta -** The U.S. Small Business Administration (SBA) is reminding
homeowners, renters, non-profit organizations and businesses that less
than one month remains to submit disaster loan applications for damage
caused by severe storms and flooding March 14, 2007. **The deadline to
file an application for physical damage is [June 1, 2007]{.underline}.**
Homeowners, renters, non-profit organizations and businesses that
sustained physical damage in the county of Traverse; contiguous counties
of Big Stone, Grant, Stevens and Wilkin in the State of Minnesota;
contiguous Richland County in the State of North Dakota; and contiguous
Robert County in the State of South Dakota are eligible to apply.

SBA offers loans up to \$200,000 to repair disaster damaged primary
residences. Homeowners and renters are eligible for loans up to \$40,000
to replace personal property such as furniture, appliances and clothing.
Loans to businesses of all sizes and non-profit organizations are
available up to \$1.5 million to repair damage to real estate,
machinery, inventory and equipment. Economic Injury Disaster Loans
(EIDLs) are also available to small businesses unable to pay bills or
meet operating expenses because of the disaster.

Interest rates can be as low as 2.875 percent for homeowners and renters
and 4.000 percent for businesses with terms up to 30 years. Loan amounts
and terms are set by SBA and are based upon each applicant's financial
condition.

Additionally, disaster victims with insurance should not wait for an
insurance settlement before applying to SBA. If victims do not know how
much of their loss will be covered by insurance or other sources, SBA
will consider making a loan for the total loss up to its loan limits,
provided the borrower agrees to use insurance proceeds to reduce or
repay their SBA loan.

SBA also offers mitigation funds to disaster victims who have approved
loans for real property. SBA's mitigation funds are designed to help
borrowers fund protective measures which may prevent damages of the same
kind from recurring in the future. To help fund these protective
measures, borrowers may request an additional 20 percent of their
approved loan amount.

Disaster victims are encouraged to visit the Center in Traverse County
below for assistance in completing their applications:

**[Traverse County]{.underline}**

**SBA Disaster Outreach Center**

Public Library (meeting room)

15 Third Street

Brown Valley, MN

Open: Monday-Friday, until further notice

Hours: 8:30 a.m. to 5 p.m.

\-**more-**

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**DEADLINE TO APPLY FOR DISASTER LOANS APPROACHING**

***SBA PHYSICAL APPLICATIONS DEADLINE JUNE 1***

Disaster victims may obtain an application from the Center or by calling
the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for
the hearing-impaired), Monday through Friday from\
8 a.m. until 9 p.m. EDT and this weekend only (Saturday, May 5 and
Sunday, May 6) from 9 a.m. to 3 p.m. Business loan applications can also
be downloaded from the SBA website at
[www.sba.gov/services/disasterassistance](http://www.sba.gov/services/disasterassistance).
Completed applications should be returned to the Center or mailed to:
U.S. Small Business Administration, Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX. 76155.

The filing deadline to return applications for property damage is
**[June 1, 2007]{.underline}.** The deadline to return economic injury
applications is **[January 2, 2008]{.underline}.**

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**For more information about the SBA's Disaster Loan Programs, visit our
website at**
[www.sba.gov/services/disasterassistance](http://www.sba.gov/services/disasterassistance)**.**