Those affected by the March 6 tornadoes can now apply for federal disaster loans. The U.S. Small Business Administration announced last week that it approved Michigan’s request for a disaster declaration.
That opens the door to low interest loans to repair or replace damaged property – up to $2 million for businesses and nonprofits, $500,000 for homeowners’ primary residence, and $100,000 for individuals’ personal property. Certain small businesses and nonprofits may also be eligible for loans to help with economic injury.
The disaster declaration covers Cass, St. Joseph and Branch counties in Michigan, along with neighboring counties. Those include Berrien County in Michigan, and Elkhart, LaGrange and St. Joseph counties in Indiana.
The Small Business Administration has set up disaster loan outreach centers in Cassopolis at the Cass District Library and in Three Rivers at HG Real Estate. There, individuals can meet with SBA customer service representatives, for help with the application process.
Applications for physical property damage are due by June 29. The deadline to apply for economic injury disaster loans is January 28.
More information can be found at sba.gov/disaster.
