Another $50,000 approved for small business flood relief

Wayne County’s flood-damaged small businesses can soon apply for additional local financial assistance.

At its Sept. 14 meeting, Economic Development Corp.’s board approved Wayne County Area Chamber of Commerce’s request for an additional $50,000 in consolidated Economic Development Income Tax funds toward grants for flood-affected businesses.

Wayne County Council approved the funding Sept. 16 after recommendation from county commissioners.

Through its nonprofit foundation, WCACC quickly distributed $200,000 to first-round applicants. Half came from Economic Growth Group, plus $50,000 each from Wayne County government and WCACC.

Western Wayne News was among the businesses receiving up to $5,000 to offset expenses from the flooding of its Cambridge City office.

Chamber CEO Melissa Vance said when delivering the checks, it was obvious that some businesses needed more than $5,000 in initial help. She noted any U.S. Small Business Administration loans they might receive must be repaid.

First-time applicants or businesses needing additional assistance can qualify for up to $2,500 in the chamber’s second round of relief. Applications will be available soon.

SBA loans not just for businesses

U.S. Small Business Administration is currently offering three types of loans for flood survivors.

Home disaster loans are available for renters or homeowners to repair or replace damaged personal property including automobiles (up to $100,000) and real estate (up to $500,000).

Business physical disaster loans are available to businesses of any size plus churches and charities to repair or replace disaster-damaged property.

Economic injury loans offer working capital for small businesses, small ag co-ops and aquaculture businesses, and most private nonprofit organizations.

Physical damage applications are due Oct. 25; the deadline for economic injury is May 25, 2027.

Applicants don’t need to wait for insurance to settle to start their SBA application and they’re not obligated to take the loan if approved. Zero interest is accrued and no payments are required for the first year.

Applications are available at lending.sba.gov. For assistance, email disastercustomerservice@sba.gov or call 800-659-2955.