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Low-Interest Loans Offered after UP Flooding

Low-Interest Loans Offered after UP Flooding

Created: September 10, 2018 10:15 AM

LANSING, Mich. (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.

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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.

Copyright 2018 The Associated Press. All rights reserved.

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