WASHINGTON –Michigan businesses and residents affected by the severe storms and flooding from April 30 through May 1, 2019 can apply for low-interest disaster loans from the U.S. Small Business Administration, Acting Administrator Christopher Pilkerton announced today.
Acting Administrator Pilkerton made the loans available in response to a letter from Gov. Gretchen Whitmer on Sept. 16, 2019 requesting a disaster declaration by the SBA. The declaration covers Wayne County and the adjacent counties of Macomb, Monroe, Oakland and Washtenaw in Michigan.
“The SBA is strongly committed to providing the people of Michigan with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Pilkerton. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
The Centers are located in the following communities and are open as indicated:
Wayne County
JKF Jr. Library
24602 Van Born Road
Dearborn Heights, MI 48125
Opening: Friday, Sept. 27 from 11 a.m. to 6 p.m.
Hours: Monday-Friday from 9 a.m. to 6 p.m.
Saturdays from 10 a.m. to 2 p.m.
Closed: Sundays
Last day: Tuesday, Oct. 8, from 9 a.m. to 4 p.m.
Wayne County
Albert Dubay Civic Center
3869 West Jefferson
Ecorse, MI 48229
Opening: Friday, Sept. 27 from 11 a.m. to 6 p.m.
Hours: Monday-Friday from 9 a.m. to 6 p.m.
Saturdays from 10 a.m. to 2 p.m.
Closed: Sundays
Last day: Tuesday, Oct. 8, from 9 a.m. to 4 p.m.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Michigan District Director Constance P. Logan.
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For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan 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,” said Kem Fleming, center 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 for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount 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.
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 www.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 return applications for physical property damage is Nov. 25, 2019. The deadline to return economic injury applications is June 25, 2020.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
