Low-interest Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) are available to Flint and surrounding area small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the contaminated public water supply disaster that began on Oct. 1, 2015.
SBA Administrator Maria Contreras-Sweet made the loans available following a disaster declaration request from Gov. Richard D. Snyder on Feb. 4. The declaration covers Genesee County and the adjacent counties of Lapeer, Livingston, Oakland, Saginaw, Shiawassee and Tuscola.
“The public water contamination in Flint is a tragedy and a historic health emergency with repercussions that will continue to ripple across the entire community,” said Contreras-Sweet. “While the situation continues to unfold, SBA is committed to bolstering the economic livelihood of Flint and surrounding communities by offering low interest working capital loans to the small businessmen and women severely impacted by this disaster.”
Constance P. Logan, SBA’s deputy district director in Michigan, encouraged businesses to apply.
“The SBA can help affected small businesses and nonprofit organizations overcome their economic losses by offering financial assistance, but the help cannot start until they submit an SBA disaster loan application to us,” Logan said.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on these loans are 4 percent for small businesses and 2.625 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources.
In addition, the Flint & Genesee Chamber of Commerce and Metro Community Development assisted the SBA in establishing the Business Recovery Center at the Oak Business Center, 2712 N. Saginaw St. in Flint.
SBA customer service representatives are available at the Center to answer questions about the disaster loan program and help individuals complete their applications.
The Center’s hours are 8 a.m. – 5 p.m. weekdays and Saturdays. The Center will shut down on March 10 at 3 p.m.