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Deadline Approaching for SBA Loans

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UNDATED (WHTC) -- Ottawa, Allegan and Kent counties were officially declared part of a major disaster area by the President in June.  Sixteen counties on Michigan’s Lower and Upper Peninsula are part of that declaration. The Small Business Administration is offering disaster assistance to residents, non-profit organizations and businesses.  SBA spokesperson Lena Jochim says loan rates are 1.688 % for homewoners, 2.875 % non-profits and 4 % for businesses.  The requirements are about the smae as any loan.  Your credit history will be checked, your repayment ability and what you might have as collateral against the loan.  The deadline for applications for physical property damage is fast approaching.  You’ll need to get your information to the SBA by August 12th.  Economic injury applications have a deadline of March 12, 2014.  You can find the applications online at sba.gov or you can reach the SBA by calling 800-659-2955.  You can also find a link to the SBA website at my-Ottawa-dot-org

Stroy by:  Diane E Coston

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