March 6th tornado – Federal disaster loans are available

The U.S. Small Business Administration has made low-interest federal disaster loans available for those affected by the March 6th tornadoes.

According to federal officials, loans are available for businesses, nonprofits and residents.

The SBA also issued a disaster declaration Monday following a request by Gov. Gretchen Whitmer.

The declaration covers eight counties, including St. Joseph, Cass and Branch. Residents in those counties are eligible for physical-damage loans as well as Economic-Injury Disaster Loans.

Businesses and nonprofits are eligible to apply for business physical disaster loans, and can borrow up to $2 million to repair or replace real estate, machinery and equipment, and other business assets damaged or destroyed by the storms.

Homeowners and renters can apply for home and personal-property loans, and can borrow up to $100,000 to replace or repair clothing, furniture, cars and appliances. Homeowners can apply for up to $500,000 to replace or repair their primary residence.

Applicants are advised to call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov.