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SBA official summarizes disaster loan terms and names Cadillac recovery center
Summary
An agency official described SBA disaster-loan options for losses from April 10–21, including loans up to $500,000 for primary residences, example nonprofit rates, and directed residents to the Cadillac Water Operations Facility recovery center at 7241 East 44 Road.
An agency official outlined Small Business Administration disaster loan options for damage from April 10–21, describing eligibility for homeowners, renters, businesses and nonprofits and noting loan features such as no prepayment penalties and an example nonprofit rate cited in the fact sheet.
Why it matters: The official said the loans are intended to cover uninsured damage from the specified disaster dates and that loan terms vary by the amount of damage and the borrower’s ability to pay.
Details provided: The official said homeowners could obtain loans up to $500,000 to repair primary-residence damage and that business loans are available to repair rental-property damage; the fact sheet included a table of interest-rate examples and indicated a nonprofit rate shown as 3.625 percent in the printed materials. The official encouraged applicants to apply online or visit the disaster recovery center and gave the recovery center location as the Cadillac Water Operations Facility, 7241 East 44 Road.
The official also noted the local disaster recovery center and directed people to the SBA disaster-recovery website for more information and for application forms.
No questions or further action on the loan program were recorded in the provided segments of the meeting.
