The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Michigan about the approaching deadline of August 11 for applying for federal disaster loans. These loans aim to offset economic losses caused by frost and freeze incidents that occurred between January 15 and March 21, 2024.
The disaster declaration covers the Michigan counties of Berrien, Cass, Van Buren, as well as Indiana counties of LaPorte and St. Joseph.
Through this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster even if there was no physical damage. The loans can be used to pay fixed debts, payrolls, accounts payable, and other bills not paid due to the disaster.
"Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "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 private nonprofits with terms extending up to 30 years. Interest does not accrue nor are payments due until 12 months from the date of the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
Applications can be submitted online at sba.gov/disaster or applicants may contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For individuals who are deaf or hard of hearing or have a speech disability please dial 7-1-1 for telecommunications relay services.
The deadline for submitting economic injury applications is August 11, 2025.
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