2017 Hurricane Recovery: You may be eligible for an SBA loan deferment
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MI 15228 - SBA Helping Michigan Businesses and Residents Recover From June Severe Storms and Flooding

WASHINGTON –Administrator Linda McMahon of the U.S. Small Business Administration issued the following statement after the announcement of the Presidential disaster declaration for several counties in Michigan affected by severe storms and flooding on June 22-27, 2017:
 
“The SBA is strongly committed to providing the people of Michigan with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
 
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.
 
Businesses and nonprofits can apply for up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets.  Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply for up to $200,000 to repair or replace disaster damaged real estate.  Homeowners and renters can apply for up to $40,000 to repair or replace damaged personal property including automobiles.
 
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, with terms up to 30 years.  The SBA customizes loan amounts and terms based on each applicant’s circumstances.
 
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.
 
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.
 
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov
 
The filing deadline to submit applications for physical property damage is Oct. 2, 2017. The deadline for economic injury applications is May 2, 2018.

 

Release Number: 
17-686
Release Date: 
Thursday, August 3, 2017 - 12:00am
Contact: 
Michael Lampton
Related State: 
Michigan
Field Operations Center: 
East