SBA opens disaster loan assistance after March 6 tornadoes for Cass County residents and businesses

Brian Beard, speaking for the Small Business Administration Office of Disaster Recovery and Resilience, told the board the SBA declared a disaster following the March 6 tornadoes and can offer low‑interest loans to homeowners, renters, businesses and nonprofits to cover uninsured losses.

Beard said the loans have no application cost and carry no interest or payments for the first year. He described illustrative rates after the first year (for homeowners as low as 2.875%, businesses as low as 4%, nonprofits 3.625%) and maximum loan amounts (up to $500,000 for home physical damage, $100,000 for personal property, and up to $2,000,000 for businesses and nonprofits for physical and economic injury). He also outlined local in‑person SBA assistance locations and deadlines for physical damage loans and the economic injury program.

Beard encouraged residents to apply online at lending.sba.gov or to seek in‑person help at local centers and emphasized that applying is free and applicants can decline offers without penalty. He also noted coordination with Michigan Economic Development Corporation and local nonprofits providing case management to help survivors navigate SBA applications.