SBA loan deadline November 25th
The US Small Business Administration (SBA) encourages businesses of all sizes, private non-profit organizations, homeowners and renters to apply for a disaster loan for physical damage before the November 25th deadline. Anyone in the declared counties in Michigan with damages caused by severe storms and flooding from April 30 through May 1, 2019 should apply for the SBA disaster loan assistance.
The declaration covers Wayne County and the adjacent counties of Macomb, Monroe, Oakland and Washtenaw in Michigan.
∙ Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory and other business assets.
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- Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate.
- Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.
- Interest rates are as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.938 percent for homeowners and renters, with terms up to 30 years. The SBA determines loan amounts and terms based on each applicant’s circumstances.
- Applicants may apply online using the Electronic Loan Application (ELA) vis the SBA’s secure website at DisasterLoan.sba.gov
- Additional details on the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org
- Loan applications can also be downloaded at www.sba.gov.
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