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Hogan Announces Low-Interest Loans Available For Those Impacted By Hurricane Ida – CBS Baltimore

ANNAPOLIS, Md. (WJZ) — Gov. Larry Hogan on Monday introduced federal approval of a catastrophe declaration that can make low-interest catastrophe loans out there to companies, nonprofits, and owners impacted by Hurricane Ida.

The remnants of Hurricane Ida spawned two confirmed tornados over Anne Arundel County that left important harm to properties and companies. Torrential rain left behind critical flooding in different areas.

The U.S. Small Enterprise Administration catastrophe declaration unlocks low-interest loans for impacted areas in Anne Arundel, Cecil, Montgomery, Baltimore, Calvert, Frederick, Harford, Howard, Kent, and Prince George’s counties and Baltimore Metropolis.

The Governor’s Workplace stated the loans embody:

Enterprise Bodily Catastrophe Loans: Loans to companies to restore or change disaster-damaged property owned by the enterprise, together with actual property, inventories, provides, equipment, and gear. Companies of any measurement are eligible. Non-public, non-profit organizations resembling charities, church buildings, non-public universities, and so forth., are additionally eligible.
Financial Harm Catastrophe Loans: Working capital loans to assist small companies, small agricultural cooperatives, small companies engaged in aquaculture, and most non-public, non-profit organizations of all sizes meet their bizarre and essential monetary obligations that can not be met as a direct results of the catastrophe. These loans are meant to help by way of the catastrophe restoration interval.
Residence Catastrophe Loans: Loans to owners or renters to restore or change disaster-damaged actual property and private property, together with cars.
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“I need to thank the federal administration for performing swiftly on our request for this catastrophe declaration, which is able to make extra help out there to companies and owners affected by the storm,” Gov. Hogan stated. “Our administration will proceed to work intently with native leaders and do every little thing we will to assist owners and companies recuperate.”

Final Friday, the governor introduced $4 million in relief for owners and companies who suffered damages.

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