Immediate Release – May 10, 2002

DETROIT, MI – Homeowners, renters, landlords, and business owners located in Gogebic County and the contiguous Counties of Iron and Ontonagon, in Michigan and Iron and Vilas Counties in Wisconsin, are now eligible to apply for low-interest disaster loan assistance from the U. S. Small Business Administration (SBA), Disaster Assistance Program. If you had some insurance, or no insurance, and had any damage caused by the April 15-21 flooding, you’re eligible to apply for this help, according to SBA Disaster Area Director Michael C. Allen.

Allen announced today that SBA is opening a disaster loan assistance office on Tuesday, May 14^th, at the Indianhead Mountain Resort, 500 Indianhead Way, in Wakefield, Michigan. The office will be open Tuesday, May 14^th through Saturday, May 18^th from 9:00 a.m. to 6:00 p.m. Starting Monday, May 20^th, help will continue to be available Monday through Friday from 9:00 a.m. to 6:00 p.m., until further notice.

"We want everyone who had any damage caused by the flooding to come in and personally meet with an SBA loan officer. Our loan team will be glad to answer any questions about the disaster loan program, give you a disaster loan application, and provide any extra help you may need or want with completing the application," Allen said.

SBA offers loans of up to $200,000 to repair disaster-damaged homes. Homeowners and renters are eligible for up to $40,000 to replace personal property. Loans to businesses and non-profit organizations of up to $1.5 million are also available to repair damage to real estate, machinery and equipment, inventory, etc. and leasehold improvements. Economic Injury Disaster Loans (EIDL) also may be made to small businesses unable to pay bills and meet expenses because of this disaster. Interest rates can be as low as 3.312 percent for homeowners and renters and 3.50 percent for businesses with terms up to 30 years. Actual loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

The deadline for physical damage applications is July 9, 2002; the deadline for economic injury applications is February 11, 2003.