St. Joseph County Undersheriff Jason Bingaman and Emergency Manager Erin Goff are pleased to announce resources made available from the tornado that impacted county residents in May.
The U.S. Small Business Administration (SBA) issued a disaster declaration for the May tornado event that impacted St. Joseph County. The declaration is separate from any other declaration and is specific to Kalamazoo County, with residents of St. Joseph County also eligible to apply.
SBA resources include a variety of low-interest disaster loans. There is an in-person Disaster Loan Outreach Center (DLOC) set up at Portage City Hall in Kalamazoo County. To apply online and receive additional disaster assistance information, residents may visit sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.
The DLOC at Portage City Hall, 7900 S. Westnedge Ave. in Portage, is open from 9 a.m.-6 p.m. Monday-Friday and 10 a.m.-2 p.m. Saturday. It permanently closes at 4 p.m. Friday, July 26.
DLOC staff are here to assist businesses and residents complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Loan Outreach Center in advance.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
The filing deadline to return applications for physical property damage is September 6, 2024. The deadline to return economic injury applications is April 8, 2025.
