MINOT, N.D. - Borrowers who received a rebuilders loan after the 2011 floods will be seeing some financial relief from the Bank of North Dakota during the COVID-19 pandemic.
Payments can be deferred for six months, and the maturity date of the loan will also be extended by six months.
People who aren’t current on their loan will not need to be brought current. Interest will still accrue.
Applications for deferral will be accepted until further notice.
Rep. Scott Louser, R-Minot, says it was a collaborative effort between the bank and the legislature to bring relief to constituents during this time.
"When I reached out to the bank initially, they told me, 'We're already working on some ideas.' And so, it was a matter of them saying, 'Yes we're working on it," and members of the legislature saying, 'Here's some ideas,' let's work together," Louser said.
There were more than 1350 loans granted. Borrowers will need to reach out to the institution managing their loan to sign the required paperwork.