CHEBOYGAN – Northern Michigan residents affected by last winter’s ice storm have until Friday, Aug. 8, to apply for federal disaster loans to cover physical damages not fully reimbursed by insurance.
Per a July 29 news release from the organization, the U.S. Small Business Administration is offering low-interest disaster loans to homeowners, renters, businesses and nonprofit organizations. The loans can cover costs such as tree and debris removal, damaged fences, decks, sheds, and vehicles, as well as structural repairs. They can also be used to pay insurance deductibles, homeowners association assessments and even high-interest credit card charges used for storm repairs.
Interest rates for homeowners start at 2.75 percent, with no payments or interest due during the first year. The loans are issued directly by the U.S. Treasury.
SBA officials are providing in-person assistance at two disaster loan centers in Cheboygan and Harbor Springs through the application deadline.
More information and online applications are available at sba.gov/disaster or directly at this link.