SBA's Deadline is Aug. 18 for Physical Damage Disaster Loan Applications in Michigan

ATLANTA, July 29, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Michigan of the deadline to submit disaster loan applications for damages caused by severe flooding, hail and high winds on April 12-30.  The deadline to apply for a physical damage disaster loan is Aug. 18, 2014.

Low-interest disaster loans are available in the following counties: Clare, Isabella, Kent, Lake, Mason, Mecosta, Missaukee, Montcalm, Muskegon, Newaygo, Oceana, Osceola and Wexford in Michigan.

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. 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.

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, the SBA offers Economic Injury Disaster Loans (EIDLs) 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 https://disasterloan.sba.gov/ela.

Disaster loan information and applications may also be obtained 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 [email protected]. Loan applications can also be downloaded at www.sba.gov/disaster. 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 August 18, 2014.  The deadline to return economic injury applications is March 19, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.   

Contact: Michael Lampton

Release Number: 14-318, MI 14032/14033
Email: [email protected]
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration

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