<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1594118447410323&amp;ev=PageView&amp;noscript=1">

Disclaimer

You are now leaving the Independent Bank website. Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

Ok Cancel
x Want to chat? How can we help you? open chat
Menu
Search
Locations
Login

SBA Offers Disaster Assistance to Residents of Michigan

The U.S. Small Business Administration (SBA) recently announced that they will be offering disaster assistance to Michigan residents who were negatively impacted by severe storms and flooding that took place May 16-22, 2020. Businesses and residents in the declared area can now apply for low-interest disaster loans from the U.S. Small Business Administration.

The disaster declaration covers Arenac, Gladwin, Iosco, Midland, and Saginaw counties, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Alcona, Bay, Clare, Genesee, Gratiot, Isabella, Ogemaw, Oscoda, Roscommon, Shiawassee, and Tuscola.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 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.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Interest rates are as low as 3.00 percent for businesses, 2.75 percent for nonprofit organizations and 1.25 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The filing deadline to return applications for physical property damage is September 8, 2020. The deadline to return economic injury applications is April 9, 2021.

The SBA has opened a Virtual Disaster Loan Outreach Center/ Business Recovery Center (VDLOC/VBRC) to help survivors apply online using the Electronic Loan Application via the SBA’s website. The VDLOC/VBRC is open Monday-Friday, 8 am-5 pm, and can be contacted directly at 571.422.6016, 571.422.8013, and 571.422.0331, as well as by email at FOCE-Help@sba.gov.

 

SBA Presidential Fact Sheet   SBA Disaster Assistance Press Release