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SBA outlines disaster loans and a June 29 deadline after March 6 tornadoes
Summary
An SBA public affairs specialist told the Sturgis commission about low‑interest disaster and economic injury loans available to homeowners, renters, businesses and nonprofits after March 6 tornadoes affecting nearby communities and noted a June 29 application deadline plus a 60‑day grace period; a June 30 small‑business workshop was announced.
A representative of the U.S. Small Business Administration briefed the Sturgis City Commission on disaster‑assistance options available after the March 6 tornadoes that affected Three Rivers, Union City and Cassopolis.
"My name is Brian Beard. I'm a public affairs specialist with the Small Business Administration, Office of Disaster Recovery," he said, and he described two primary loan programs: Economic Injury Disaster Loans (working capital) for businesses and low‑interest physical damage loans for homeowners, renters and nonprofit organizations. He said applicants receive no payments or interest for the first year and may be eligible for low long‑term rates (he cited 2.875% for most homeowners and renters, about 4% for most small businesses, and about 3.625% for nonprofits).
Beard gave a practical example: a $25,000 loan at 2.875% over 30 years would have payments of about $108 a month. He said applicants approved for disaster loans can request an additional 20% of total estimated damage to fund rebuilding that mitigates future harm. He also described casework considerations—for example, insurance proceeds sometimes first pay off a mortgage, leaving limited funds for repairs—and walked through application steps for applicants placed in "withdrawn" status.
He noted a June 29 application deadline with a 60‑day grace period, meaning people can still apply through the end of August, and encouraged business owners to attend a free small business resources workshop on June 30 at Glenn Oaks Community College; SBA Michigan, the Small Business Development Center and SCORE would participate. Beard provided the online application (lending.sba.gov) and an SBA toll‑free number (1‑800‑659‑2955) as contact points for assistance.
There were no follow‑up questions from the commission after the briefing.
