The Petoskey City Council convened on July 7, 2025, to discuss various community support initiatives following recent storm damage. The meeting highlighted the availability of federal disaster loans aimed at assisting homeowners, renters, and businesses affected by the disaster.

The council began with a detailed overview of the loan program, which offers homeowners up to $500,000 at interest rates as low as 2.75%. Renters and homeowners can apply for loans up to $100,000 for personal property, including contents and automobiles. For businesses, the program provides loans up to $2 million, covering both physical damage and economic injury, with interest rates starting at 4%.

A significant feature of the program is the option for applicants to include funding for mitigation projects, aimed at enhancing safety against future disasters. Notably, there are no payments or interest for the first year, allowing individuals and businesses time to recover before financial obligations begin.

The council also announced the extension of the application center located at Little Traverse Township, which will remain open until July 26, 2025. The application deadline for physical disaster loans is set for August 8, 2025, while the deadline for economic injury loans is March 9, 2026. Interested parties can apply online at sba.gov/disaster or contact the provided 800 number for assistance.

During the meeting, council members discussed outreach efforts to ensure that all affected residents and businesses are informed about the available resources. It was noted that communication has been disseminated through various media channels, including social media, to reach a broader audience beyond chamber members.

The council also addressed inquiries regarding the eligibility of homeowners' associations for the loans and the intersection of nonprofit assistance with federal programs. It was confirmed that nonprofits can play a role in providing additional support, and the SBA encourages applicants to seek out grants before applying for loans to maximize available assistance.

In conclusion, the meeting underscored the city's commitment to supporting its residents and businesses in the aftermath of the storm, with a focus on ensuring that all community members are aware of and can access the available resources. Further updates and reports on applications will be shared regularly to keep the community informed.