GRAND RAPIDS, Mich. (WOOD) - The federal U.S. Small Business Administration is offering loan-interest disaster damage loans for those affected by April's flooding.
Homeowners may apply for loans up to $200,000 to repair or replace damaged or destroyed real estate, according to the SBA. Homeowners and renters may apply for loans up to $40,000 for personal property.
Businesses may apply for loans up to $2 million for real estate, equipment, inventory and other assets.
Based on applicants' circumstances, interest rates may be as low as 1.688% for homeowners and renters, 2.875% for non-profit organizations and 4% for businesses. Amounts and terms up to 30 years are determined by the SBA.
Loans may be increased by up to 20% for renovations that decrease future risk, according to the SBA.
The filing deadline to return applications for physical property damage is August 12, 2013. The deadline to return economic injury applications is March 12, 2014.
The SBA will open a Disaster Loan Outreach Center in Grand Rapids to help with damage claims and loan applications, according to Kent County Emergency Management. The center, located at the sheriff's department in Grand Rapids, will be open June 18 through June 2:
- Tuesday, June 18 through Thursday, June 27
- Monday-Friday: 8 a.m. to 5 p.m.
- Saturday, June 22: 10 a.m. to 2 p.m.
- Sunday, June 23: Closed
Kent County Sheriffs Department Disaster Loan Outreach Center
701 Ball NE
Grand Rapids, MI 49503
Applicants are encouraged to apply online using the Electronic Loan Application at SBA's website.
You can also download a loan application to apply in hard-copy. Hard-copy applications should be returned to the center or mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
SBA Customer Service Center: 1.800.659.2955 (Deaf and hard-of-hearing: 1.800.877.8339)
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