Federal disaster loan program approved for Gaylord businesses and residents
Governor Gretchen Whitmer today announced that the United States Small Business Administration (SBA) has granted an Administrative Disaster Declaration for Otsego County. The SBA Disaster Assistance Program will make low-interest loans available to residents and businesses affected by a May 20 tornado.
“This declaration is an important step in securing the support and resources needed by the Gaylord community,” Governor Whitmer said. “It is clear that this tornado has had devastating effects in Otsego County. These loans will allow people and businesses to begin rebuilding and ensure the community continues to move forward.
“Anyone who knows the Gaylord community knows that our people are strong and resilient in the face of challenges,” said State Senator Jim Stamas. “This statement of additional funds available will go a long way to easing the incredible burden that families and businesses have taken on in the face of this disaster.”
The SBA Disaster Assistance Program provides low-interest loans to homeowners, renters, businesses of all sizes, and private nonprofit organizations to repair or replace real estate, property personnel, machinery and equipment, inventory and business assets that have been damaged or destroyed. The SBA matches the repayment of each disaster loan to the financial capacity of the borrower. This statement covers Otsego County and all adjacent counties including Antrim, Charlevoix, Cheboygan, Crawford, Kalkaska, Montmorency and Oscoda.
“The SBA is firmly committed to providing the people of Michigan with the most efficient and customer-focused response possible to help businesses of all sizes, homeowners and tenants with federal disaster loans,” said SBA Administrator Isabella Casillas Guzman. “Getting businesses and communities back up and running after a disaster is our top priority at SBA.”
The SBA will establish a temporary disaster loan outreach center in the affected area for one-on-one assistance. Loan applications will also be available online or by mail. For more information on low-interest SBA loans or the application process, visit DisasterLoanAssistance.sba.gov/ela/s.
“Businesses and private non-profit organizations can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster,” the agency said. SBA Michigan District Director Lakata Henderson.
Based on information provided by the Michigan State Police, Division of Emergency Management and Homeland Security, state officials directed SBA officials to conduct a preliminary damage investigation. in affected areas to document physical damage to homes and businesses. This survey took place on May 25.
On May 20, an EF-3 tornado touched down in Otsego County, affecting infrastructure and damaging businesses and private property. On the same day, Governor Whitmer declared a state of emergency for Otsego County. In declaring a state of emergency, Governor Whitmer made available all state resources in cooperation with local response and recovery efforts in the designated area. On June 8, Governor Whitmer sent a letter to the federal government requesting a major disaster declaration for Otsego County. On July 2, FEMA denied that request. On July 8, the governor sent a letter to the US Small Business Administration declaring a disaster for Otsego County.