2018-07-11 / News

Deadline nears for disaster loan applications

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Aug. 6 is the filing deadline for federal economic injury disaster loans in Michigan as a result of excessive rain that began on April 1, 2017.

This disaster declaration includes Sanilac County.

The SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non-farm-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 loans are for working capital and can be up to $2 million with interest rates of 3.15 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800- 659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Completed loan applications must be returned to SBA no later than Aug. 6, 2018.

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