LANSING, MI – The Small Business Administration on Friday, February 5th, 2016, approved Gov. Rick Snyder’s request for low-interest disaster loans for businesses in Genesee County and the city of Flint.
“Approval of economic injury disaster loans will help business owners and nonprofits in Flint recover from any damages as a result of the water crisis,” Snyder said. “We will continue to seek resources from all levels of government to help the people of Flint and appreciate the SBA’s partnership in our efforts.”
The approval provides access to federal Economic Injury Disaster Loans, which are working capital loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations that meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. Business owners seeking these loans must apply by Nov. 7, 2016.
Repayment of disaster loans is tailored by the SBA to the borrower’s financial capacity.