Deadline Alert for Small Businesses in Nine Michigan Counties to Apply for SBA Working Capital Loans Due to Severe Weather and Flooding
The U.S. Small Business Administration is reminding businesses in Michigan that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by severe weather and flooding on March 14, 2019.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Jan. 6 deadline,” said Kem Fleming, director of SBA Field Operations Center East.
Low-interest disaster loans are available in the following counties: Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana and Osceola in Michigan.
Working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.75 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is Jan. 6, 2020.