Small business loans available for disaster loss

The U.S. Small Business Administration has announced that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Michigan as a result of the excessive rain and flooding that began on March 1.

The loans are available in Berrien, Branch, Cass, Hillsdale and St. Joseph counties.

The SBA’s Economic Injury Disaster Loan program is available to eligible, farm-related and nonfarm-related entities that suffered financial losses as a direct result of the disaster.

Loan amounts can be up to $2 million with interest rates of 2.75 percent for private nonprofit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years.

The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at Deadline to apply is April 29, 2020.

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