Disaster loans available to Oceana County following August storms.

April 1, 2019

A pontoon boat overturned in Silver Lake following a powerful storm Aug. 28, 2018.

Disaster loans available to Oceana County following August storms.

ATLANTA – The US Small Business Administration recently announced that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Michigan as a result of excessive rain from Aug. 26 through Sept. 6, 2018.

In addition to Oceana, the loans are available in Allegan, Barry, Kalamazoo, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Osceola, Ottawa and Van Buren counties.

Trees throughout Oceana County, like this birch tree in Silver Lake, were uprooted from the fast-moving storm last August.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.

This boat house located across the road from the Boathouse Bar & Grille collapsed into Pentwater Lake.

The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.675 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.

A car on Lowell Street in Pentwater is buried in debris from the storm.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from Disasterloan.sba.gov. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit completed loan applications to SBA no later than Nov. 20, 2019.

This story is copyrighted © 2019, all rights reserved by Media Group 31, LLC, PO Box 21, Scottville, MI 49454. No portion of this story or images may be reproduced in any way, including print or broadcast, without expressed written consent.

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