UNION CITY, MI (WTVB) – Branch County residents and business owners affected by the devastating March 6 tornadoes have until August 28, to apply for low-interest federal disaster loans through the U.S. Small Business Administration (SBA).
While the official application deadline for physical property damage originally passed on June 29, the SBA granted a 60-day grace period to ensure survivors have adequate time to secure recovery funding.
This loan program has become an essential for some victims following the Federal Emergency Management Agency’s (FEMA) final decision to deny Michigan’s appeal for individual grant assistance, determining the regional damage did not exceed state and local capabilities
The federal loans are available to cover physical damages to homes, personal property, vehicles, and debris removal, with interest rates starting as low as 2.875% for homeowners and renters. Applicants can qualify for up to $500,000 for primary residence repairs and up to $100,000 to replace personal property, while businesses and nonprofits may borrow up to $2 million to fix real estate, machinery, and inventory.
Although in-person recovery centers have closed, affected individuals can still apply online via the MySBA Loan Portal or call the SBA Customer Service Center at (800) 659-2955 for guidance before the August 28 deadline.
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