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Feds OK loans for flood-damaged Indiana counties

INDIANAPOLIS (AP) -- A federal agency has approved Gov. Mike Pence's request for low-interest loans for victims of April flooding that caused heavy damage in three central Indiana counties.

Pence's office said Friday the U.S. Small Business Administration has authorized making disaster loans eligible to flood victims in Grant, Howard and Tipton counties. That means residents, businesses and nonprofit groups in several neighboring counties can also apply for the loans before a July 9 deadline.

Residents can apply for loans of up to $200,000 for home repairs and homeowners and renters can seek loans of up to $40,000 to repair or replace personal property.

Businesses and nonprofit groups can seek loans up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.