The U.S. Small Business Administration has made low-interest disaster loans available in five northern Indiana counties following severe storms that hit the area in mid-August. Residents, businesses and nonprofits have until November 1 to apply for loan assistance.
The loans are available in St. Joseph, LaPorte, Starke, Marshall and Elkhart counties. Two Michigan counties contiguous to St. Joseph County, Berrien and Cass counties, are also eligible for the loans.
"The severe weather events of this month have devastated several of our local communities, but they’re not alone in their efforts to recover," said Governor Mike Pence. "The willingness of Hoosiers to assist their neighbors in need through their generosity and compassion, combined with these low-interest disaster loans, can help ease the suffering of those affected as they move forward from these difficult circumstances."
Pence’s office says loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, while homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and private nonprofits can apply for up to $2 million to cover damage to property, equipment, inventory or other assets.
Small businesses, small agriculture cooperatives, small aquaculture businesses and most private nonprofits can also apply for the SBA’s Economic Injury Disaster Loans. Applications for those loans are due by June 1, 2017.
The governor’s office says assessments from tornado damage on August 24 are ongoing and the need for federal assistance is being evaluated. You can find more information on applying for the loans by clicking here.