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Snyder's request for West Michigan disaster assistance approved by SBA
June 13, 2013
LANSING, Mich. - Gov. Rick Snyder today announced that the U.S. Small Business administration has approved his request for a disaster declaration for Kent County that will pave the way for financial assistance in West Michigan. In addition to Kent, the declaration covers the neighboring counties of Allegan, Barry, Ionia, Montcalm, Muskegon, Newaygo and Ottawa.
The SBA disaster assistance program will make low-interest loans to eligible residents and businesses affected by the severe flooding in April.
"I am pleased that the SBA will assist West Michigan families and businesses who were impacted by the flooding," Snyder said. "These loans will bring some relief to those who are working to recover and rebuild."
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.
Based on information provided by the Michigan State Police, Emergency Management and Homeland Security Division, state officials requested that SBA conduct a preliminary damage assessment of the affected area to document physical property damage to homes and businesses that sustained at least 40 percent of uninsured loss. This assessment was conducted from May 9-12.
Additional information about the SBA disaster assistance program is available at www.sba.gov.