WEST MICHIGAN — The U.S. Small Business Administration has announced deadlines for businesses impacted by the March flooding to apply for disaster loans.
The declaration approved by the SBA on April 4th covers Newaygo County, as well as the adjacent counties of Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Oceana and Osceola.
A local State of Emergency was declared March 15th in Newaygo County, as rapidly rising floodwaters forced many people to leave their homes and businesses. Gov. Gretchen Whitmer declared a state of emergency for the area on March 19th.
The U.S. SBA says in a news release that business of all sizes can apply for SBA Disaster loans, which cover up to $2 million each in physical damages (real estate, inventory, equipment) and working capital.
The interest rates are as low as 4 percent for businesses, and 2.75 percent for non-profit organizations.
The SBA says the deadline for loans covering physical damages is June 3, 2019. And the deadline for loans covering working capital is January 6, 2020.
For more information, you can contact the SBA Service Center at 1-800-659-2955 (1.800.877.8330 for the deaf and hard of hearing), or via email.