If your business, organization, or home was directly impacted by the late winter flooding around Michigan’s Great Southwest, the U.S. Small Business Administration is reminding you that you have about a month left to submit applications for disaster loan assistance.
SBA officials this morning dispatched a reminder to businesses of all sizes, private nonprofit organizations, homeowners, and renters in Michigan of the deadline to submit disaster loan applications for damages caused by severe storms and flooding from February 19th-to-21st, 2018. The deadline to submit applications for physical damage is May 29, 2018.
Low-interest disaster loans are available in Arenac, Berrien, Ingham and Kalamazoo counties and the adjacent counties of Allegan, Barry, Bay, Branch, Calhoun, Cass, Clinton, Eaton, Gladwin, Iosco, Jackson, Livingston, Ogemaw, Saint Joseph, Shiawassee and Van Buren in Michigan; as well as in La Porte and St. Joseph Counties in Indiana.
Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private, nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL 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.
Interest rates are as low as 3.580-percent for businesses, 2.5-percent for nonprofit organizations, and 1.813-percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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 to help protect property and occupants from future damage caused by a similar disaster.
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 disastercustomerservice@sba.gov. Loan applications can also be downloaded at 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 submit applications for physical property damage is May 29, 2018. The deadline for economic injury applications is Dec. 31, 2018.
