U.S. makes loans available for Michigan flood damage
DETROIT – The U.S. Small Business Administration says it's making low-interest disaster loans available to home and business owners in Detroit-area counties that suffered massive flooding last month.
The Friday announcement followed President Barack Obama issuing a federal disaster declaration the day before. That action makes available funding to those affected in Macomb, Oakland and Wayne counties.
The SBA says disaster loans up to $200,000 are available to homeowners for repairing or replacing damaged or destroyed real estate. Businesses and private nonprofit organizations can borrow up to $2 million.
Interest rates are about 2 percent for homeowners and renters, 2.6 percent for nonprofits and 4 percent for businesses.
Some areas between Aug. 11 and 13 received more than 6 inches of rain, which flooded basements, streets and freeways.