Governor Gretchen Whitmer and the US Small Business Administration have announced that low-interest loans are available for Michigan businesses, private nonprofits and residents impacted by the March 6 tornadoes and storms.
According to a statement from the SBA, Whitmer requested the loans on April 27. Eligible areas include Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, Hillsdale and Van Buren counties.
Personal property loans are open for applications from homeowners and renters, who can apply for loans up to $100,000 to repair or replace personal property. Homeowners can also apply for $500,000 for replacement or repairs of their primary residence.
Physical damage loans and Economic Injury Disaster loans will each be available, and businesses and nonprofits are eligible to apply for up to $2 million in business physical disaster loans to replace or repair machinery and equipment, real estate, inventory and other businesses assets.
Interest rates start at 2.9% for residents, 3.6% for private nonprofits and 4% for businesses. Applications for physical property damage have a filing deadline of June 29. Economic injury deadlines have a filing deadline of January 28, 2027.
