Monday is that last day Michigan residents affected by the severe storms and flooding from April 30 through May 1, 2019, can apply for low-interest disaster loans from the U.S. Small Business Administration.
RELATED: WATCH: Firefighters rescue residents trapped due to flooding in Dearborn Heights
Recommended Videos
U.S. Small Business Administration’s Christopher Pilkerton made the loans available in response to a letter from Gov. Gretchen Whitmer on Sept. 16, 2019, requesting a disaster declaration by the SBA. The declaration covers Wayne, Macomb, Monroe, Oakland and Washtenaw counties.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications 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 disastercustomerservice@sba.gov.
Loan applications can also be downloaded at www.sba.gov.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate," said Kem Fleming, with the SBA. "Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,”
Businesses and private nonprofit organizations are eligible to borrow up to $2 million to repair or replace disaster damaged or destroyed property.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years.