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Federal disaster loan options explained to Middleville council
Summary
A presenter summarized Small Business Administration disaster‑loan options — "physical disaster loans" and "economic injury disaster loans" — and urged affected residents and businesses to apply; flyers will be left with village staff for distribution.
A presenter described federal disaster‑loan options available to residents and businesses, saying the assistance "is in 2 categories, the physical disaster loans and then the economic injury disaster loans," and encouraged anyone impacted to apply. The presenter said interest rates on some SBA loans can range "from about 2.6 percent interest rates to, like, 4%" and that borrowers need not begin repayment for about 12 months after funds are issued.
The presenter said the SBA is the federal government's largest source of disaster assistance and that applications are encouraged even for businesses that did not experience direct property damage but whose revenues slowed. The council accepted the information for the record and the presenter said flyers would be left with village staff to share with residents.
