SBA Offers Storm Relief to Michigan Businesses Hit by Summer Rain and Flooding: Apply for an Economic Injury Disaster Loan Today!
Summary
SBA disaster news release 25-223, published December 19, 2024 by the Disaster Field Operations Center East, announcing that Economic Injury Disaster Loans are available in Michigan for small businesses, small agricultural cooperatives, aquaculture businesses and most private nonprofit organizations with economic losses from excessive rain and flash flooding on July 9-10. The declaration includes the primary county of Lapeer and the adjacent counties of Genesee, Macomb, Oakland, Sanilac, St. Clair and Tuscola. It states that the EIDL program is available to eligible farm-related and nonfarm-related entities that suffered financial losses.
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Disaster news release 25-223 SBA Offers Storm Relief to Michigan Businesses Hit by Summer Rain and Flooding: Apply for an Economic Injury Disaster Loan Today! Published on December 19, 2024 by Disaster Field Operations Center East ATLANTA - The U.S. Small Business Administration (SBA) announced today that Economic Injury Disaster Loans (EIDLs) are available in Michigan for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to the excessive rain and flash flooding that occurred on July 9-10. The declaration includes the primary county of Lapeer, and the adjacent counties of Genesee, Macomb, Oakland, Sanilac, St. Clair, and Tuscola in Michigan. Under this declaration, the SBA’s EIDL program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. “When farmers face crop losses and a disaster is declared by the secretary of agriculture, SBA working capital loans become a lifeline for eligible small businesses,” said Francisco Sánchez, Jr. , associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans are the backbone that helps rural communities bounce back and thrive after a disaster strikes.” The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. Eligibility is based on the size of the applicant, type of activity and its financial resources. On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available. Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding. To apply online and receive additional disaster assistance information visit sba.gov/disaster . Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Submit completed loan applications to the SBA no later than Aug. 11, 2025. ### About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov . Related programs: Disaster Media contacts Mark Ihenacho Email mark.ihenacho@sba.gov Phone 404-331-0314
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