A federal agency has approved more than $61 million in disaster assistance loans for Michigan businesses and residents affected by severe August flooding.
The U.S. Small Business Administration announced Thursday it has approved about 2,900 disaster loans. Residents and businesses can apply for the loans until Nov. 24.
The SBA Michigan district director said the low-rate loans will help businesses and families recover from damages and losses. The agency offers loan rates as low as 4 percent for businesses, 2.6 percent for private nonprofits and 2.1 percent for individuals.
Macomb, Oakland and Wayne counties were hit hardest by the severe August storm and flooding. President Barack Obama signed a disaster declaration for Michigan in September upon Gov. Rick Snyder’s request. The cost to repair the damage is estimated at more than $1.1 billion.
