Gov. Snyder's Request for U.S. Small Business Administration Assistance Approved for Four Lower Peninsula Michigan Counties
Friday, March 30, 2018
LANSING, Mich. – Gov. Rick Snyder today announced the U.S. Small Business Administration (SBA) has approved his request for a physical and economic disaster declaration for four Michigan counties. The declaration means residents and businesses affected by severe flooding in February are eligible to apply for financial assistance.
The declaration covers Arenac, Berrien, Ingham, and Kalamazoo counties and the neighboring counties of Allegan, Barry, Bay, Branch, Calhoun, Cass, Clinton, Eaton, Gladwin, Iosco, Jackson, Livingston, Ogemaw, Shiawassee, St. Joseph, and Van Buren.
“I am pleased the Small Business Administration will provide financial assistance to individuals and businesses affected by the severe flooding,” Snyder said. “The availability of these loans will bring some relief to those working to recover and rebuild.”
Based on information provided by the Michigan State Police, Emergency Management and Homeland Security Division (MSP/EMHSD), state officials requested representatives of the SBA to conduct a preliminary damage assessment of the affected area to document damage to homes and businesses that sustained uninsured losses of 40 percent or more. This assessment was conducted from March 16-20.
The SBA disaster assistance program provides low-interest disaster loans for uninsured losses incurred by homeowners, renters, businesses and nonprofit organizations to repair or replace real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed. The SBA tailors the repayment of each disaster loan to the borrower’s financial capability.
The SBA will establish a disaster loan outreach center in the affected area for one-on-one assistance. Loan applications will also be made available online or by mail.
Additional information about the SBA disaster assistance program is available at www.sba.gov.
Snyder declared a state of disaster on March 12 for 17 counties and two cities after heavy rainfall and snow melt on Feb. 19-21 resulted in widespread flooding damage, making state aid and financial assistance available to communities in the disaster area.