SBA offers Low-Interest Disaster Loans to Marshall County residents and businesses following June storms

Marshall County businesses, private nonprofits, and residents affected by severe storms in June can now apply for low-interest federal disaster loans through the U.S. Small Business Administration.

The SBA announced the availability of loans in response to an October 9 request from Governor Mike Braun. Marshall County saw three tornadoes on June 11 and widespread severe wind damage on June 10 and 11.

Homeowners and renters are eligible to apply for home and personal property loans. Homeowners may borrow up to $500,000 to replace or repair their primary residence, while renters and homeowners alike may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars, and appliances.

Businesses and private nonprofits may apply for business physical disaster loans of up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Applicants may also be eligible for a loan increase of up to 20% of their verified physical damage for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind-rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

Interest rates are as low as 4% for businesses, 3.625% for private nonprofits, and 3% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition.

The filing deadline to return applications for physical property damage is December 8. The deadline to return economic injury applications is July 9, 2027.

SBA customer service representatives are available at the nearest Disaster Loan Outreach Center in Elkhart County, located at the Elkhart County EMA building, 26861 County Rd 26, Bldg D. The center is open Monday through Friday from 8 AM to 5 PM through October 30, with additional hours from 9 AM to 1 PM on Saturday, October 24.

To apply online, visit sba.gov/disaster. Applicants may also call the National Support Network Center at (866) SBA-HELP or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

At this time, there is no financial assistance from the Federal Emergency Management Agency (FEMA) or the State Disaster Relief Fund (SDRF) available for the June 11 tornado event, according to Marshall County EMA Director Jack Garner.