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Snyder seeks Small Business Administration assistance for Genesee County flood victims

Wednesday, June 27, 2012

LANSING, Mich. - Gov. Rick Snyder today requested a disaster declaration from the U.S. Small Business Administration that would clear the way for financial assistance to Genesee County residents and businesses affected by the severe storms and flooding that hit the state in early May.

Representatives of the Federal Emergency Management Agency (FEMA) recently joined state teams to conduct a preliminary damage assessment to document the magnitude of the losses. FEMA has since determined that the extent of the damage did not merit a Presidential Disaster declaration.

"Even though this incident did not rise to the level of a Presidential Disaster declaration, I am committed to ensuring that all avenues for possible assistance are explored and made available to residents to assist in recovery," Snyder said. "We're hopeful that the Small Business Administration will honor our request and make low-interest loans available to residents as they work to rebuild."

The Small Business Administration 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 Small Business Administration tailors the repayment of each disaster loan to the borrower's financial capability.

If the declaration is approved, a temporary disaster recovery center will be established in the area for one-on-one assistance. Loan applications also will be made available online or by mail.