Low-interest loans offered after flooding in U.P.

LANSING (AP) - Businesses and residents in parts of Michigan's Upper Peninsula affected severe flooding in June may apply for low-interest disaster loans from the U.S. Small Business Administration.

Officials announced Monday that the Small Business Administration approved Gov. Rick Snyder's request for a physical and economic disaster declaration for Houghton County. Those in neighboring Baraga, Iron, Keweenaw and Ontonagon counties also may apply for the loans.

Snyder says in a statement that the loans "will bring some relief as they work to recover and rebuild."

Officials say businesses and private nonprofit organizations may borrow up to $2 million and loans up to $200,000 are available to homeowners.

Snyder earlier declared a state of disaster for Houghton, Gogebic and Menominee counties due to the flooding. A presidential disaster declaration was also declared.

Published: Wed, Sep 12, 2018

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