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November 24, 2014

SBA Economic Injury Disaster Loans Now Available in Michigan

The U.S. Small Business Administration (SBA) is offering federal economic injury disaster loans in eight Michigan counties that had excessive rain last August.

The loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in the following counties: Arenac, Bay, Genesee, Gladwin, Gratiot, Midland, Saginaw, Shiawassee and Tuscola.

The SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. 

The loan amount can be up to $2 million with interest rates of 3 percent for private, non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. For more information, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing), or send an email to disastercustomerservice@sba.gov.

© 2014 Varnum LLP

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