Levin, Stabenow: SBA Disaster Declaration Will Provide Genesee Flood Victims Access to Low-Interest Loans

Press Release

U.S. Sens. Carl Levin and Debbie Stabenow, both D-Mich., welcomed news today that the U.S. Small Business Administration approved a disaster assistance declaration for severe storms and flooding in Genesee County in May, 2012. The declaration will enable residents and businesses who suffered losses from the disaster to apply for low-interest loans to help them get back on their feet.

Earlier this month, Levin and Stabenow wrote to the SBA to support the State of Michigan's request for the declaration.

"Residences and businesses in Genesee County sustained heavy damage from this flooding, and the residents and business owners need substantial help in order to address this damage," the senators wrote. "Because of the severity and magnitude of this incident, an effective response is beyond the capabilities of the state and the affected local governments."

The disaster assistance loans will be available to residents and businesses in Genesee, Lapeer, Livingston, Oakland, Saginaw, Shiawassee and Tuscola Counties who suffered losses in the storms and floods from May 3 to May 5, 2012.

Under the disaster assistance program, the loans may be used by homeowners, renters, businesses of all sizes, and nonprofit organizations for the repair or replacement of real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed in an SBA-declared disaster.

A local temporary Disaster Recovery Center will be established by SBA to provide additional assistance to residents. Further information and loan applications are available on SBA's website at www.sba.gov.

Source