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New loan will help Magna business owners repair damages from earthquake

2,000 plus aftershocks since 5.7 quake
Posted at 7:06 AM, Apr 30, 2020
and last updated 2020-04-30 09:06:49-04

SALT LAKE CITY — The Salt Lake County Redevelopment Agency has approved a more than half-a-million-dollar loan to Magna to help repair damages from last month's earthquake.

For more information and to apply for a loan, click here.

The magnitude 5.7 earthquake on March 18 damaged 24 buildings along Magna's Main Street and was felt for miles throughout the state and surrounding areas.

Since then more than 2,000 aftershocks have also been felt stemming from the initial quake.

Damaged building owners will be able to apply for a piece of the new loan for any repairs they now need to make.

The funds can be used for restorations, rehabilitation, repair and fees tied to earthquake damage.

The loan terms are good for five years, and construction has to be completed within one year of disbursement.