Gate City takes part in program
The Rebuilders Loan Programs were developed by the North Dakota Legislature to assist residents in rebuilding after the 2011 floods in Minot and surrounding communities.
The programs offered loans at a 1 percent interest rate so people who were affected by the flood could get back into their homes. More than 5,000 households were flooded and the loan programs were an essential component in the recovery.
Gate City Bank is one of 21 banks and credit unions in North Dakota that have participated in the programs. Gate City Bank has processed and serviced 518 loans for a total of $16 million.
“Many of those affected by the flood did not have flood insurance and had to take out additional loans to rebuild,” said Forrest Hatchard, loan officer with Gate City Bank’s Minot office. “The 1 percent interest rate for the programs gave hope and help to many people who would otherwise have been in a tough financial situation.”
The loan programs were an essential component in the flood recovery, Hatchard said. Because of the low interest rate loans offered through the Rebuilders Loans Programs, Minot and the other flood-affected communities are being restored and rebuilt.
Gate City Bank offered its own reduced interest rate loan program to residents in Minot, Bismarck and Mandan to help them fix flood damage or take preventative measures to stop possible damage. The bank originated 82 loans worth $1.1 million, with 66 in Minot for a total of $885,000.