DETROIT, MI (AP)-- A federal agency has approved over $61 million in disaster assistance loans for Michigan businesses and residents affected by severe August flooding.
The U.S. Small Business Administration announced Thursday it has approved roughly 2,900 disaster loans. Residents and businesses can apply for the loans until November 24.
The SBA Michigan district director says the low-rate loans will help businesses and families recover from damages and losses. The agency offers loan rates as low as 4 percent for businesses, 2.6 percent for private nonprofits and 2.1 percent for individuals.
Macomb, Oakland and Wayne counties were hit hardest by the severe August storm and flooding. President Barack Obama signed a disaster declaration for Michigan in September upon Governor Rick Snyder's request. The cost to repair the damage is estimated at more than $1.1 billion.