The U.S. Small Business Administration (SBA) has announced that small businesses and private nonprofit organizations in Michigan have until June 10 to apply for federal disaster loans. These loans are intended to help offset economic losses due to excessive rain between June 22 and July 23, 2024.
The affected counties include Antrim, Benzie, Charlevoix, Crawford, Grand Traverse, Kalkaska, Leelanau, Manistee, Missaukee, Otsego, and Wexford. The SBA's Economic Injury Disaster Loan (EIDL) is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits impacted by the weather event. However, the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers unless they are small aquaculture enterprises.
These EIDLs are meant for working capital needs resulting from the disaster and can be used even if there was no physical damage. Funds may cover fixed debts, payrolls, accounts payable, and other unpaid bills due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture," said Chris Stallings of the SBA's Office of Disaster Recovery and Resilience. "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 3.25% for nonprofits over terms up to 30 years. Interest will not accrue nor will payments be required until a year after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who need them.
Completed applications must be submitted by June 10.