Low-interest disaster loans available for Michiana counties affected by flooding

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Low-interest disaster loans are now available for area counties after severe weather and flooding that began August 15.

“The severe weather events of this month have devastated several of our local communities, but they’re not alone in their efforts to recover,” said Governor Mike Pence. “The willingness of Hoosiers to assist their neighbors in need through their generosity and compassion, combined with these low-interest disaster loans, can help ease the suffering of those affected as they move forward from these difficult circumstances.”

The loans are available to residents, businesses and non-profit organizations through the U.S. Small Business Administration. Eligible counties are St. Joseph, LaPorte, Starke, Marshall and Elkhart. The loans also will be available to two Michigan counties contiguous to St. Joseph County – Berrien and Cass.

Assessments are ongoing from the tornadoes that caused widespread damage in the state on August 24. Damage assessment data from those storms and a federal assistance application are still being evaluated.

Loan Amounts – Businesses and Organizations

Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Loan Amounts — Citizens

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.

How to Apply

Applicants may apply online using the Electronic Loan Application via the SBA’s secure website or by calling the FEMA toll-free Helpline at 800-621-3362.

Additional details on the locations of Disaster Recovery Centers and 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 e-mail.

Deadlines to Apply

The filing deadline to return applications for physical property damage is November 1, 2016. The deadline to return economic injury applications is June 1, 2017.

For more information, visit the SBA’s Disaster Loan Program.

 

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