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Federal disaster loans available in Redwood and YM counties

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ST. PAUL -- Businesses that suffered damages in floods that struck southern Minnesota in September may be eligible for $10 million in loans from the Minnesota Investment Fund offered by the Minnesota Department of Employment and Economic Development.

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Yellow Medicine and Redwood counties are among those where disaster loans will be available.

The Legislature approved more than $73 million in disaster relief for homes, businesses, nonprofits, historical buildings and infrastructure damaged or destroyed in flooding that struck the region Sept. 22-23. The 29-county region was declared a federal disaster area on Oct. 13.

The flood recovery funds will be awarded to local units of government, which will then loan the assistance to businesses that were directly and adversely affected by the flood. The program is geared to fund capital expenses, re-establish operations, and ultimately retain and create jobs for businesses that were damaged in the floods and not adequately covered by insurance. Local units of government will develop their own loan criteria and guidelines.

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