GLADWIN COUNTY – The U.S. Small Business Administration (SBA) is offering low-interest federal loans for disaster related damages.
The SBA is operating from a virtual disaster loan outreach center and a virtual business recovery center for Michigan. The business loans are available to businesses of all sizes as well as nonprofits who have been impacted by physical damages due to the flooding. Small businesses and nonprofits impacted by economic injury due to the flooding disaster are also qualified for a loan. Interest rates for these business loans are as low as three percent for businesses and 2.75 percent for nonprofit organizations with a maximum loan of $2 million.
Homeowners are able to qualify for loans up to $200,000 for their primary residents, owners and renters are also able to qualify for loans up to $40,000 for their personal property.
Interest rates for these loans are as low as 1.25 percent and all loans must have repayment terms up to 30 years.
To begin the loan application process, first start by registering with FEMA at disasterassistance.gov or by downloading the FEMA mobile app, or calling 1-800-621-3362. Afterwards, apply online with the SBA at disasterloanassistance.sba.gov. For one-on-one assistance, call 571-422-8013, 571-422-6016 or 571-422-0331. These phone lines are open from 8 a.m. until 5 p.m. Monday through Friday. Email FOCE-Help@sba.gov with any questions or concerns.