Economic Injury Disaster Loans now are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations located in Michigan as a result of excessive rain between March 1, 2019, and Sept. 1, 2019.
The loans, announced by the U.S. Small Business Administration, are available in the following counties: Alcona, Allegan, Alpena, Arenac, Barry, Bay, Berrien, Branch, Calhoun, Cass, Cheboygan, Clare, Clinton, Crawford, Eaton, Genesee, Gladwin, Gratiot, Hillsdale, Ingham, Ionia, Iosco, Isabella, Jackson, Kalamazoo, Kent, Lenawee, Livingston, Mecosta, Midland, Montcalm, Montmorency, Newaygo, Ogemaw, Osceola, Oscoda, Otsego, Presque Isle, Saginaw, Saint Joseph, Shiawassee, Tuscola, Van Buren and Washtenaw.
Under this declaration, SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.75% for private nonprofit organizations of all sizes, with terms up to 30 years.
SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the electronic loan application via SBA’s secure website at disasterloan.sba.gov.
Disaster loan information and application forms also may be obtained by calling SBA’s customer service center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.
Loan applications can be downloaded from sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA no later than Aug. 17.