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Michigan businesses and residents affected by the severe storms and flooding from April 30 through May 1, 2019, can apply for low-interest disaster loans from the U.S. Small Business Administration, Acting Administrator Christopher Pilkerton announced.
Acting Administrator Pilkerton made the loans available in response to a letter from Gov. Gretchen Whitmer on Sept. 16, 2019 requesting a disaster declaration by the SBA. The declaration covers Wayne County and the adjacent counties of Macomb, Monroe, Oakland and Washtenaw in Michigan.
SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications. The Centers are located in the following communities and are open as indicated:
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Michigan District Director Constance P. Logan.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org.
Loan applications can also be downloaded at www.sba.gov.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Nov. 25, 2019. The deadline to return economic injury applications is June 25, 2020.