How to Apply for Small Business Administration Loans Available to Some Michiganders

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LANSING, Mich. (WILX) – The idea of ​​a drought in a state surrounded by the world’s largest source of fresh water may seem strange, but water-dependent businesses and nonprofits in some parts of Michigan experienced it last summer.

Now, the United States Small Business Administration (SBA) has announced that Economic Disaster Disaster Loans (EIDLs) are available in Michigan for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations due to the drought that started in May. 5, 2021.

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The statement does not apply to all of Michigan, although it does cover parts of Mid-Michigan. The main counties covered are Allegan, Antrim, Baraga, Gogebic, Grand Traverse, Houghton, Iron, Kalkaska, Leelanau, Ontonagon and Otsego in Michigan, as well as the contiguous counties of Barry, Benzie, Charlevoix, Cheboygan, Crawford, Dickinson, Kalamazoo , Kent, Keweenaw, Manistee, Marquette, Missaukee, Montmorency, Oscoda, Ottawa, Roscommon, Van Buren and Wexford in Michigan.

In Wisconsin, Florence, Forest, Iron and Vilas counties are covered by the same program.

“When the Secretary of Agriculture issues a disaster statement to help farmers recover from crop damage and loss, the Small Business Administration is issuing a statement to eligible entities, affected by the same disaster,” said Kem Fleming, director of Field Operations Center East of the SBA.

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The loan program is available to eligible agriculture-related and non-agricultural entities that have suffered financial losses as a direct result of the drought. In addition to aquaculture businesses, the SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers, although nurseries are eligible to apply for economic disaster loans for losses caused by harsh conditions. drought.

The loan amount is capped at $2 million, with interest rates of 2.88% for small businesses and 2% for private nonprofits, with terms up to 30 years. Loans can be used to pay fixed debts, payroll, accounts payable and other drought-affected bills.

Loans are not intended to replace lost sales or profits.

Candidates can apply online using this link, and must apply under SBA statement #17317, not for the COVID-19 incident. Additional information and application forms may also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or emailing [email protected] sba.gov.

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