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August 16, 2017 - More than $1 million in low-interest disaster loans have been approved by the U. S. Small Business Administration (SBA) for survivors with losses resulting from severe storms and flooding on June 22-27, 2017 in Michigan.
“Currently, 46 disaster loans have been approved in the amount of $1,306,200.00 for affected survivors. The SBA encourages anyone who has not applied to take action right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
The disaster declaration covers the counties of Bay, Gladwin, Isabella, Midland and the Saginaw Chippewa Tribe within Isabella County in Michigan, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Arenac, Clare, Gratiot, Mecosta, Montcalm, Ogemaw, Osceola, Roscommon, Saginaw and Tuscola in Michigan.
SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 3.215 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.938 percent for homeowners and renters. Loan terms can be up to 30 years.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
The SBA offers several ways to apply for a disaster loan: online application via SBA’s secure website at https://disasterloan.sba.gov/ela; visit a recovery center for one-on-one assistance; or download an application from www.sba.gov/disaster. For information or to request application forms, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to firstname.lastname@example.org. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
The filing deadline to submit applications for physical property damage is Oct. 2, 2017. The deadline for economic injury applications is May 2, 2018.