The U.S. Small Business Administration (SBA) revealed the availability of low-interest federal disaster loans for Michigan's small businesses and private nonprofits impacted by a frost and freeze event on April 24-25, 2024. The disaster declaration includes Van Buren County and neighboring counties Allegan, Berrien, Cass, Kalamazoo, and St. Joseph.
This declaration allows the SBA’s Economic Injury Disaster Loan (EIDL) program to provide financial assistance to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that have suffered economic setbacks due to the frost and freeze. It is important to note that agricultural producers, farmers, or ranchers, other than aquaculture enterprises, are not eligible for these loans.
EIDLs can be applied to working capital needs caused by the disaster and are available even if there is no physical damage to the business. These loans can cover expenses such as fixed debts, payroll, and accounts payable.
Chris Stallings, the associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover. We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million, with interest rates as low as 4% for small businesses and 3.250% for private nonprofits. These loans have a repayment term of up to 30 years, and interest will not accrue, nor will payments be required, until 12 months after the first loan disbursement. The SBA determines the specific loan amounts and terms according to each applicant’s financial situation.
Applicants may apply online at sba.gov/disaster, contact SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov for more details on the SBA’s disaster assistance. Telecommunications relay services are available for individuals who are deaf, hard of hearing, or have a speech disability by dialing 7-1-1.
The deadline to submit economic injury applications is November 28, 2025.
The U.S. Small Business Administration is committed to empowering entrepreneurs and small business owners with resources and support to foster growth, expansion, and recovery from declared disasters. It operates through a network of field offices and partnerships with organizations both public and private.