SBA Offers Loans to Southeast Michigan Homeowners and Tenants Affected by Floods

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IN US The Small Business Administration is offering two different loans in Southeast Michigan to help mitigate the impact of the June 25-26 storm that flooded basements and left cars flooded on the freeway.

One loan, available only in Wayne and Vashteno counties, can be used to repair physical damage to property, such as damage to businesses, equipment, homes, or vehicles. It is available to businesses, nonprofits and, somewhat confusingly, to homeowners and renters who do not own the business.

We US Small Business Administration. We have been there since the 50s and our mission is to help you open and grow your business. But when disaster strikes, we work for the entire community. This includes homeowners and renters. ” —Roberto Baltodano, Small Business Administration

SBA Spokesman Roberto Baltodano says trying to notify nonprofit owners that the loan might be for them too can be difficult.

Our biggest problem is our name, ”says Baltodano. “We US Small Business Administration. We have been there since the 50s and our mission is to help you open and grow your business. But when disaster strikes, we work for the entire community. This includes homeowners and renters. ”

IN SBA offers a second loan that is only available to businesses and non-profit organizations. This is not for physical damage, but for economic losses. The loan can help pay for necessary financial obligations, such as wages or rent, that businesses and organizations cannot handle as a result of the June 25-26 storm.

Many homeowners and tenants seek help, so businesses may experience a decline in sales, ”explains Baltodano. “This is an economic damage and therefore the reason why we want to emphasize that businesses may not have suffered physical damage, but may suffer losses.”

Baltodano says economic damage could extend beyond where the storm hit. As such, this loan is available to companies and organizations located in Jackson, Lenavey, Livingston, Macomb, Monroe, Oakland, Washteno and Wayne counties.

Natural disaster loan for physical damage to property

For what: For businesses to repair or replace damaged property, inventory, supplies, machinery and equipment, and for homeowners or renters to repair or replace damaged homes, cars and personal belongings.
Who has the right: Businesses, homeowners and renters located in Wayne and Vashteno counties were hit by the hurricane on June 25-26.
Interest rates: 1.63–3.25% for homeowners, 2.88–5.76% for businesses, 2.00% for nonprofits.
Maximum loan: $ 2 million for businesses and nonprofits, $ 200,000 for homeowners, and $ 40,000 for tenants.
More details: Read the loan summary here
How to apply: You can apply here
Term: September 13, 2021

Disaster Loan for Economic Damage Injury

For what: For businesses and non-profit organizations that, due to the storm on June 25-26, cannot meet financial obligations, such as paying employees, paying rent or leasing equipment.
Who has the right: Private nonprofit organizations of all sizes, as well as small businesses, small agricultural cooperatives, and small aquaculture businesses located in Jackson, Lenavey, Livingston, Macomb, Monroe, Oakland, Wasteno and Wayne counties.
Interest rates: 2.88% for businesses, 2.00% for non-profit organizations.
Maximum loan: 2 million dollars
More details: Read the loan summary here
How to apply: You can apply here
Term: April 15, 2022

Residents who would prefer a grant to repay the loan can apply for assistance through Federal Emergency Management Agency

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