Loans offered for enterprise impacted by Lowell Point landslide

When a landslide blocked all road access to the neighborhood of Lowell Point, just south of Seward, final spring, it hit firms difficult. Now, the deadline is approaching for these firms to apply for a loan from the Smaller Enterprise Administration to assist offset the financial impacts of the landslide.

The loans, named Financial Injury Disaster loans, can be up to $two million, and can go to any modest non-farm firms or nonprofits. There’s a loan interest price of about two.935% for enterprise and 1.875% for nonprofits.

One particular enterprise that is applying for the loan is Miller’s Landing in Lowell Point — a campground, fishing charter enterprise and occasion space.

In the spring of 2022, co-owner Likelihood Miller was gearing up for a large summer time.

“We had a quite profitable year in 2021, and so going into 2022, we wanted to be prepared for it. We hired a diverse management group, we restructured, we produced large investments,” he stated. “And then we had the landslide come about.”

Miller stated the firm lost involving $500 and $600 thousand as a outcome of the landslide.

Even right after the road partially reopened just prior to Memorial Day and totally reopened mid-June, lots of guests had been just as well anxious to make the trip out. He stated signage and the visible harm to the hillside didn’t assist.

“People are nervous,” he stated. “The story’s nonetheless fresh in people’s minds.”

Miller’s Landing began providing a totally free water taxi service to get men and women to and from Lowell Point whilst the road was closed. And whilst it kept their 40 staff busy, it didn’t bring in any funds.

Ultimately, Miller stated, the state paid the firm about $one hundred thousand for the service. Nevertheless, it was a difficult summer time. He described this previous fall as the tightest season in far more than 40 years of enterprise.

“It does not look like considerably, but when you have a 90 day season, one hundred day season, and you shed 30 days of it, that is a large deal,” he stated. “And it straight relates to our bottom line.”

Miller stated that whilst he is applying for the SBA loan, he hopes he’ll in no way in fact have to invest the funds. But he desires to be far more protected than sorry if anything devastating occurs once again.

The application is due April 12.

According to the SBA, federal disaster loans are offered in the Kenai Peninsula Borough, Kodiak Island Borough, Lake and Peninsula Borough, Matanuska-Susitna Borough and the Municipality of Anchorage. You can go to https://disasterloanassistance.sba.gov/ to apply.