GRAND RAPIDS, Mich. — The U.S. Small Business Administration announced Thursday that economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in agriculture and private nonprofits in Michigan due to excessive rain, flooding and flash flooding earlier this year.
The loans are available in Allegan, Barry, Kalamazoo, Kent, Muskegon, Ottawa and Van Buren counties.
The SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial loss due to the flooding. SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.75% for private nonprofit organizations of all sizes, with terms up to 30 years.
Eligibility will be determined by the SBA based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Applicants can apply using the electronic loan application here. Applications must be completed no later than Aug. 17, 2020.
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