The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Michigan of the approaching deadline to apply for federal disaster loans. These low-interest loans aim to mitigate economic losses caused by excessive heat from June 23 to August 1, 2024. The application deadline is set for June 10, 2025.
The disaster declaration affects several counties: Antrim, Benzie, Charlevoix, Crawford, Grand Traverse, Kalkaska, Leelanau, Manistee, Missaukee, Otsego, and Wexford. Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program offers financial assistance to small businesses and private nonprofits with direct financial losses due to the disaster. However, agricultural producers are not eligible unless they operate small aquaculture enterprises.
These loans provide working capital for needs arising from the disaster and are available even if no physical damage occurred. They can be used for various expenses such as fixed debts and payroll.
Chris Stallings of the SBA stated that "through a declaration by the U.S. Secretary of Agriculture," the SBA aims to provide "critical financial assistance" to aid community recovery efforts.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Repayment terms can extend up to 30 years without accruing interest or requiring payments until a year after the first disbursement.
Applications can be submitted online at sba.gov/disaster or through other contact methods provided by the SBA Customer Service Center.
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