Loans available for Michigan businesses, others damaged by fall rain
LANSING, Mich. โ Michigan small businesses, agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations damaged by excessive rain Sept. 30 can apply for federal loans. The low-interest Economic Injury Disaster Loans are available in Alger, Cheboygan, Chippewa, Emmet, Luce, Mackinac and Schoolcraft counties, the U.S. Small Business Administration said. Loan amounts can be up to $2 million with 3% interest rates for small businesses and 2.75% for private nonprofit organizations of all sizes. AdUnder this declaration, the SBAโs 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. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers, the agency said.