SBA offers disaster assistance to those affected by severe flooding, hail and high winds
OSCEOLA COUNTY — Michigan residents and businesses affected by the severe flooding, hail and high winds from April 12 to April 30, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Administrator Contreras-Sweet made the loans available in response to a letter from Gov. Rick Snyder on June 13, requesting a disaster declaration by the SBA. The declaration covers Newaygo and Osceola counties and the adjacent counties of Clare, Isabella, Kent, Lake, Mason, Mecosta, Missaukee, Montcalm, Muskegon, Oceana and Wexford.
“The SBA is strongly committed to providing the people of Michigan with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Contreras-Sweet. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
“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 Frank Skaggs, 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, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.250 percent for homeowners and renters, 2.625 percent for non-profit organizations and 4 percent for businesses 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 apply online using the Electronic Loan Application (ELA) via SBA’s secure website at disasterloan.sba.gov/ela.
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 return applications for physical property damage is August 18, 2014. The deadline to return economic injury applications is March 19, 2015.
Osceola County Osceola County Commission on Aging, located at 732 West 7th St. in Evart Hours: From 9 a.m. to 6 p.m. on Tuesday, June 24, through Friday, June 27; from 9 a.m. to 1 p.m. on Saturday, June 28; from 9 a.m. to 5 p.m. on Monday, June 30, to Wednesday, July 2; Closing: Wednesday, July 2 at the close of business