Levin, Stabenow: SBA disaster declaration will provide Genesee flood victims access to low-interest loans

Friday, June 29, 2012

WASHINGTON -- U.S. Sens. Carl Levin and Debbie Stabenow, both D-Mich., welcomed news today that the U.S. Small Business Administration approved a disaster assistance declaration for severe storms and flooding in Genesee County in May, 2012.  The declaration will enable residents and businesses who suffered losses from the disaster to apply for low-interest loans to help them get back on their feet.

Earlier this month, Levin and Stabenow wrote to the SBA to support the State of Michigan’s request for the declaration. 

“Residences and businesses in Genesee County sustained heavy damage from this flooding, and the residents and business owners need substantial help in order to address this damage,” the senators wrote.  “Because of the severity and magnitude of this incident, an effective response is beyond the capabilities of the state and the affected local governments.”

The disaster assistance loans will be available to residents and businesses in Genesee, Lapeer, Livingston, Oakland, Saginaw, Shiawassee and Tuscola Counties who suffered losses in the storms and floods from May 3 to May 5, 2012. 

Under the disaster assistance program, the loans may be used by homeowners, renters, businesses of all sizes, and nonprofit organizations for the repair or replacement of real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed in an SBA-declared disaster.

A local temporary Disaster Recovery Center will be established by SBA to provide additional assistance to residents.  Further information and loan applications are available on SBA’s website at www.sba.gov

Follow-up information on the SBA Disaster Loan Outreach Center

July 5, 2012

The temporary Disaster Loan Outreach Center will be open for a week and a half beginning Tuesday, July 10 through Thursday, July 19 at the Flint Township Police Department.  The center will offer information and low-interest loan applications to Michigan residents and small businesses affected by the severe storm and flooding on May 3-5, 2012.  Assistance will be available in person, by telephone, by email or by online application.

Homeowners and renters can apply for loans with rates as low as 1.938 percent.  Rates for non-profits and businesses are as low as 3 and 4 percent respectively with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial conditions.

Filing deadlines for physical property damage is August 27, 2012; economic injury applications are due March 28, 2013.

In person:
Flint Township Police Department
5200 Norko Drive
Flint, MI   45807
10:00 a.m. – 7:00 p.m.    Tuesday, July 10 – Thursday, July 19
10:00 a.m. – 2:00 p.m.    Saturday, July 14
Closed – Sunday, July 15

By telephone:
SBA Customer Service Center        800-659-2955
For the deaf and hard of hearing    800-877-8339

By email:

https://disasterloan.sba.gov/ela - Apply online with the Electronic Loan Application (ELA) using a secure website.

www.sba.gov – Download a loan application and return in person at the temporary Disaster Loan Outreach Center or mail the completed application to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.