Gov. Rick Snyder announced Friday the U.S. Small Business Administration (SBA) has approved his request for a disaster declaration making low-interest disaster loans available to residents and businesses affected by the severe storms and flooding in early May.
The declaration covers Genesee County and the neighboring counties of Lapeer, Livingston, Oakland, Saginaw, Shiawassee and Tuscola.
I am pleased the Small Business Administration will provide assistance to those individuals and businesses affected by these storms," Snyder said. “The availability of these loans will bring some relief to those working to rebuild."
The SBA disaster assistance program provides low-interest loans for homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed.
These loans cover uninsured losses.
The SBA tailors the repayment of each disaster loan to each borrower’s financial capability.
The SBA will establish a temporary disaster recovery center locally for one-on-one assistance.
Loan applications will also be available online at www.sba.gov or by mail.