State Bank of North Dakota Rebuilder's Loan Program
During the 2011 Special Session, the North Dakota Legislature appoved $50 million for use by the State Bank of North Dakota to fund a rebuilder's loan program.
Local banks and credit unions are currently taking applications for this low interest rate, fixed loan. The maximum loan amount you can apply for is $30,000. You are allowed to apply for the loan even if you already received an SBA loan.
The Bank of North Dakota has stated that $5 million of the money set aside in this program is available for individuals whose manufactured home was damaged in the flood.
As of late April 2012 the program has been able to approve loans for 948 individuals/families in the Minot area. In total this program has disbursed or allocated roughly $30 million to North Dakotans who qualify for the loan.
A fact sheet supplied by the State Bank of North Dakota has additional details.
