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Published November 17, 2011, 10:40 AM

Dec. 1 is goal for start of ND disaster loan apps

Bank of North Dakota officials say owners of flood-damaged homes should be able to begin applying for disaster loans in a couple of weeks.

BISMARCK, N.D. (AP) — Bank of North Dakota officials say owners of flood-damaged homes should be able to begin applying for disaster loans in a couple of weeks.

The Legislature during a special session last week authorized the loans as part of a disaster relief package. The state-owned Bank of North Dakota is administering a $50 million program that offers $30,000, 20-year loans at 1 percent interest to flood-ravaged homeowners. No collateral is required.

Bank spokeswoman Janel Schmitz tells The Bismarck Tribune that bank officials will meet with the state Industrial Commission on Monday to work out rules for giving out the loans, then will work with banks and credit unions to prepare applications and processes for doling out the money. She says Dec. 1 is the goal for people to start applying.

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