Flood loans available for Wayne and Washtenaw businesses

Here’s what that means, according to an SBA press release: Loans are available from the US Small Business Administration. This announcement is followed by President Joe Biden declaring that a major disaster took place in Michigan during the floods of June 25 and 26.

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Those in Washtenaw and Wayne counties are eligible to apply for physical and economic disaster loans. Most private nonprofits and small businesses in adjacent counties, including Jackson, Lenawee, Livingston, Macomb, Monroe, and Oakland counties, can only apply for economic disaster loans from the SBA.

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Disaster loans allow businesses and nonprofits to borrow up to $ 2 million to replace or repair any real estate, machinery, equipment, inventory and other assets that have been damaged or destroyed by the disaster.

Homeowners have access to residential disaster loans available up to $ 200,000 to repair and replace damaged real estate, while homeowners and tenants can request up to $ 40,000 for personal property that has been damaged. destroyed or damaged by the disaster.

Business owners have an interest rate of 2.880%, nonprofits are 2%, and owners and tenants are 1.625%, with terms of up to 30 years.

A business recovery center has opened at the Caroline Kennedy Library at 24590 George St. in Dearborn Heights.

“The SBA is strongly committed to providing Michigan residents with the most effective response possible to assisting businesses, homeowners and tenants with federal disaster loans. Getting businesses and communities up and running after a disaster is our top priority, ”SBA Administrator Isabella Casillas Guzman said in a press release.

To request all forms of assistance, register at disastreassistance.gov, download the FEMA app, or call 800-621-3362. Businesses can receive information and find applications by calling 800-659-2955 or by emailing [email protected] The deadline to apply for a property damage loan is September 13, 2021 and the deadline to submit an economic damage claim is April 15, 2022.

Contact editor Chanel Stitt on Twitter: @ByChanelStitt. Become a subscriber or offer a subscription.

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