To this point, SBA has accepted greater than $21.2 million in low-interest catastrophe loans
The U.S. Small Enterprise Administration encourages companies of all sizes, non-public nonprofit organizations, owners and renters to use for a bodily catastrophe mortgage earlier than the Sept. eight deadline.
To this point SBA has accepted 285 low-interest catastrophe loans totaling $21,245,300 for survivors in Michigan affected by extreme storms and flooding on Might 16-22. Anybody within the declared counties in Michigan with damages brought on by the catastrophe ought to apply for a bodily catastrophe mortgage by the deadline.
The catastrophe declaration covers Arenac, Gladwin, Iosco, Midland, Saginaw counties in Michigan that are eligible for each bodily and financial damage catastrophe loans from the SBA. Small companies and most non-public nonprofit organizations within the following adjoining counties are eligible to use just for SBA financial damage catastrophe loans: Alcona, Bay, Clare, Genesee, Gratiot, Isabella, Ogemaw, Oscoda, Roscommon, Shiawassee, Tuscola in Michigan.
In accordance with well being precautions for COVID-19, the SBA won’t set up a area presence to help survivors. Nonetheless, SBA will proceed to offer top quality customer support and conduct outreach nearly with webinars, Skype calls, cellphone help and step-by-step software help. Because of this, SBA has opened a Digital Catastrophe Mortgage Outreach Heart/Enterprise Restoration Heart (VDLOC/VBRC) to assist survivors apply on-line utilizing the Digital Mortgage Utility (ELA) by way of the SBA’s safe web site at https://disasterloanassistance.sba.gov/ and there are digital buyer assist representatives accessible to help candidates with finishing the web software.
These providers are solely accessible for the Michigan catastrophe declaration on account of the extreme storms and flooding on Might 16-22, and never for COVID-19 associated help.
Survivors ought to contact the Catastrophe Help Professionals at , and to schedule an appointment for quick one-on-one help in finishing their functions. Requests for SBA catastrophe mortgage program info could also be obtained by emailing . The SBA will conduct intensive outreach to make sure that all impacted by the catastrophe are afforded the chance to hunt help.
Companies and personal nonprofit organizations of any dimension could borrow as much as $2 million to restore or substitute catastrophe broken or destroyed actual property, equipment and gear, stock, and different enterprise property. For small companies, small agricultural cooperatives, small companies engaged in aquaculture and most non-public nonprofit organizations, the SBA provides Financial Harm Catastrophe Loans to assist meet working capital wants brought on by the catastrophe. Financial Harm Catastrophe Mortgage help is accessible no matter whether or not the enterprise suffered any bodily property injury.
Catastrophe loans as much as $200,000 can be found to owners to restore or substitute catastrophe broken or destroyed actual property. Owners and renters are eligible as much as $40,000 to restore or substitute catastrophe broken or destroyed private property.
Rates of interest are as little as three% for companies, 2.75% for nonprofit organizations and 1.25% for owners and renters with phrases as much as 30 years. Mortgage quantities and phrases are set by the SBA and are based mostly on every applicant’s monetary situation.
Candidates could also be eligible for a mortgage enhance as much as 20% of their bodily damages, as verified by the SBA for mitigation functions. Eligible mitigation enhancements could embrace a secure room or storm shelter, sump pump, French drain or retaining wall to assist shield property and occupants from future injury brought on by an identical catastrophe.
Candidates could apply on-line utilizing the Digital Mortgage Utility (ELA) by way of the SBA’s safe web site at https://disasterloanassistance.sba.gov/.
To be thought of for all types of catastrophe help, candidates ought to register on-line at DisasterAssistance.gov or obtain the FEMA cell app. If on-line or cell entry is unavailable, candidates ought to name the FEMA toll-free helpline at . Those that use 711-Relay or Video Relay Companies ought to name .
Companies and people may receive info and mortgage functions by calling the SBA’s Buyer Service Heart at ( for the deaf and hard-of-hearing), or by emailing . Mortgage functions may also be downloaded at www.sba.gov/disaster. Accomplished functions needs to be mailed to: U.S. Small Enterprise Administration, Processing and Disbursement Heart, 14925 Kingsport Highway, Fort Price, TX 76155.
The submitting deadline to submit functions for bodily property injury is Sept. eight. The deadline to submit financial damage functions is April 9, 2021.
– Processed by Victoria Ritter,