The U.S. Small Business Administration is offering two different loans in Southeast Michigan to help mitigate the impact of the June 25-26 storm that flooded basements and left cars covered with water on the freeway.
One loan, only available in Wayne and Washtenaw counties, can be used to fix physical property damage, like damages to business structures, machinery, homes or vehicles. It’s available to companies, nonprofits and — somewhat confusingly — to homeowners and renters who do not own businesses.
“Our biggest challenge is our name,” says Baltodano. “We’re the U.S. Small Business Administration. We have been there since the ’50s and our mission is to help you open up and grow a business. But when disaster strikes we’re there for the entire community. That includes homeowners and renters.”
The SBA is offering a second loan that is only available to businesses and nonprofits. This one isn’t for physical damage but instead for economic losses. The loan can help pay for necessary financial obligations, like wages or leases, that businesses and organizations are having trouble meeting as a result of the June 25-26 storm.