A federal agency announced on Friday that millions of dollars in disaster loans had been approved for people affected by the June floods.
The Small Business Administration said in a statement that more than $4.5 million in disaster loans had been approved. The agency offers three types of loans: business physical disaster loans, economic disaster loans and home disaster loans.
The application period deadline for Physical Injury Loans is August 29, while the Economic Injury Loan application period ends on March 30, 2023.
Business loans are for repairs or replacement of property damaged by a disaster. Private businesses, nonprofits, churches, universities and others are eligible, according to the agency.
Economic damage loans are for businesses that cannot meet their financial obligations due to flooding. Home loans are for homeowners or tenants who need to repair or replace real estate and personal property damaged by a disaster.
The agency approved $2.55 million in business and economic injury loans and $1.98 million in home loans, according to the statement.
Rick Tillery, an SBA spokesperson, said more applications are still being processed and the amount approved so far is expected to increase.
Tillery said the agency received 171 applications and he expects to receive more.
It’s been just over a month since the Yellowstone River and other waterways were flooded in June, destroying roads and bridges and damaging homes throughout southern Montana. Park, Carbon and Stillwater counties were hardest hit by the raging waters.
The SBA’s involvement is part of President Joe Biden’s major disaster declaration on June 16. This statement also engaged the Federal Emergency Management Administration’s response, which was later expanded after individual assistance programs were approved in late June.
People can get help navigating the FEMA loan process disaster recovery centers and in recovery centers.
There are rescue centers in Park, Carbon, and Stillwater counties. However, a mobile recovery center at Gardiner High School closed Friday and the recovery center at Absarokee Elementary School is scheduled to close Saturday.
There are three Disaster Recovery Centers, each open Monday through Friday from 9 a.m. to 6 p.m. These locations include the Super 8 in Cooke City, the Livingston Area Chamber of Commerce and Welcome Center, and the Gardiner Community Center.
Some people might not have a good grasp of their finances, or important documents like insurance or bank documents might have been destroyed or lost in the floods, Tillery said.
Tillery said disaster recovery center customer service representatives are trained to help survivors.
Although people looking for a loan must go through the process themselves, center representatives can offer advice on who to contact or what documents a person might need when dealing with loan companies. insurance.
The loans are not gifts or grants, Tillery said. The agency looks at a person’s overall financial situation and grants loans to people who present an acceptable risk.
“We need to know that someone who makes a claim has the ability to pay it back, that’s the main thing,” Tillery said.
The maximum amount for business and economic injury loans is $2 million. Home loans are capped at $200,000. Business and economic harm loans typically take longer to process than home loans, Tillery said.
Economic injury loans are available for residents of Gallatin, Big Horn, Golden Valley, Meagher, Musselshell, Rosebud, Sweet Grass and Treasure counties. Tillery said it’s likely the agency will see a lot of economic injury loan applications because of the length of the park’s closure.
All businesses, such as hotels, restaurants, tour guide businesses, and AirBnBs or VRBOs are eligible for economic injury loans. While businesses may not have suffered physical damage, many suffered a full month of reduced business due to flooding.
“We’re trying to reach out to businesses that have suffered and let them know there’s assistance out there for them,” Tillery said.