By Per Peterson
Residents who want to apply for the SBA flood relief loan have until October 29 to do so. It’s a low-interest loan that homeowners can use to help rebuild their basements.
“It’s a very simple application process,” said Pamela Anderson, who is on the Tracy Long Term Recovery group. “I sat down and did the whole application online and within a day the people from the SBA called. They came out, looked at all the damage and determined what the loan amount could be.”
Anderson said the SBA will take out a lien on any home where $25,000 or more is borrowed. She said it’s important to apply for the loan now, even if you might not need the money right away.
“If you apply but don’t need it, you can tell them ‘not right now,’” she said. “I think there’s a six-month window, so that takes you to spring at least. It’s not going to hurt to apply for the loan, but let’s say you don’t apply for loan by the 29th and then in the spring your walls start to bow or cave in, now you can’t apply for that loan.”
For those interested in the SBA loan, the website to go to is https://disasterloan/sba/gov
Anderson said those who don’t qualify for the SBA loan aren’t totally out of luck. If denied, people can apply for a Quick Start loan, which is a forgivable loan. The Quick Start loan is overseen by Western Community Action Partnership out of Marshall. The number to call to inquire about that loan is 507-537-1416. The deadline for that loan is December 31, 2018.
“It is important that residents who sustained any damage or had any amount of water or sewage in their homes, understand the importance of applying for SBA,” said Jamey Johnson, president of the TLTR group. “We can’t make people apply, but by applying — even if you are turned down — it opens doors to other options such as Quick Start forgivable loans. There may also be opportunities for some funds through Tracy Long Term Recovery, but SBA and Quick Start must be exhausted to be considered for those funds.”
Missie Erbes has been hired by Lutheran Social Services as a case manager for Tracy to help with the loan process. Erbes’ number is 507-262-1220. The email address for the Tracy Long Term Recovery team is firstname.lastname@example.org The group also has a “Help Tracy” Facebook page. You can also send them a letter (along with your phone number) to:
Long Term Recovery Team
PO Box 1033
Tracy, MN 56175