Orgs with flood damage eligible for SBA loans

Some private-nonprofit organizations with flood damage in ND counties eligible for loans

Associated Press

BISMARCK, N.D. (AP) -- The Small Business Administration says low-interest federal disaster loans are available to certain private, nonprofit organizations in North Dakota because of April and May flooding.

SBA Administrator Karen Mills says organizations that provide essential governmental services in Benson, Bottineau, Cass, Cavalier, Eddy, Foster, McHenry, Pembina, Ramsey, Renville, Richland, Rolette, Towner, Traill, Walsh and Wells counties and the Spirit Lake Reservation are eligible for assistance.

The loans of up to $2 million can be used to repair or replace damaged or destroyed real estate, machinery, inventory and other business assets. The 2.875-percent-interest-rate loans can be financed with terms up to 30 years.

Interested organizations should register with FEMA.

The filing deadline is July 29 for property damage and March 3 for economic injury applications.

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