Hogan announces low interest loans available for those affected by Hurricane Ida – CBS Baltimore


ANNAPOLIS, Maryland (WJZ) – Governor Larry Hogan on Monday announced federal approval of a disaster declaration that will make low-interest loans available to businesses, nonprofits and homeowners affected by Hurricane Ida.

The remnants of Hurricane Ida spawned two confirmed tornadoes over Anne Arundel County that caused extensive damage to homes and businesses. Torrential rains caused severe flooding in other areas.

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The US Small Business Administration’s disaster declaration unlocks low-interest loans for affected areas in Anne Arundel, Cecil, Montgomery, Baltimore, Calvert, Frederick, Harford, Howard, Kent and Prince George counties and Baltimore City.

The governor’s office said the loans include:

  • Business Physical Disaster Loans: Business loans to repair or replace property damaged by a business owned disaster, including real estate, inventory, supplies, machinery and equipment. Businesses of any size are eligible. Private non-profit organizations such as charities, churches, private universities, etc. are also eligible.
  • Economic disaster loans: Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes meet their regular and necessary financial obligations that cannot be met due to the disaster. These loans are meant to help during the disaster recovery period.
  • Disaster home loans: Loans to homeowners or tenants to repair or replace property and personal property damaged by disaster, including automobiles.

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“I would like to thank the federal administration for responding quickly to our request for a disaster declaration, which will provide more assistance to businesses and homeowners affected by the storm,” Governor Hogan said. “Our administration will continue to work closely with local leaders and will do everything possible to help owners and businesses recover.”

Last Friday, the governor announced $ 4 million in aid for damaged homeowners and businesses.

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