The U.S. Small Business Administration (SBA) is reminding eligible residents, small businesses, and private nonprofit organizations in Michigan of the upcoming deadline to apply for federal disaster loans. These loans are intended to offset losses from physical damage caused by severe winter storms that occurred from March 28-30, 2025. The deadline for applications is August 8.
The disaster declaration includes the Michigan counties of Charlevoix, Cheboygan, Emmet, Mackinac, Montmorency, Otsego, and Presque Isle.
Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate and other assets. Homeowners may borrow up to $500,000 for primary residence repairs while renters can access up to $100,000 for personal property replacement.
Applicants might qualify for a loan increase of up to 20% of their verified physical damage for mitigation purposes. This could include structural improvements like wind-rated garage doors or safe rooms.
Chris Stallings from the SBA's Office of Disaster Recovery emphasized the benefits of these loans: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage.”
Interest rates start at 4% for small businesses and go as low as 2.75% for homeowners and renters. Payments are deferred until a year after the first disbursement.
Survivors should not delay their application while waiting on insurance settlements; SBA offers loans covering total loss with an agreement on using insurance proceeds toward repayment.
Applications can be submitted online at sba.gov/disaster or through contact with SBA’s Customer Service Center at (800) 659-2955. Telecommunications relay services are available by dialing 7-1-1.
The deadline for economic injury applications extends until March 9, 2026.