By Andi Anderson
The U.S. Small Business Administration (SBA) is offering Economic Injury Disaster Loans (EIDL) to support businesses in Michigan impacted by the frost and freeze from January 15 to March 21, 2024. Eligible entities include small businesses, agricultural cooperatives, aquaculture enterprises, and private nonprofit organizations.
This disaster declaration covers Berrien County and adjacent counties in Michigan, including Cass and Van Buren, as well as LaPorte and St. Joseph in Indiana. The loans aim to help businesses manage financial losses caused by the frost disaster.
The EIDL program is not available to agricultural producers, farmers, or ranchers, except aquaculture enterprises. Eligible applicants can use these loans to cover fixed debts, payroll, accounts payable, and other operating expenses that would have been met without the disaster.
Loan amounts can reach up to $2 million, with interest rates of 4% for small businesses and 3.25% for nonprofit organizations. Terms extend up to 30 years, and payments are deferred for 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on the applicant's financial condition.
According to Francisco Sánchez Jr., associate administrator for the SBA, these loans are critical for helping rural communities recover and thrive after disasters. However, due to high demand, funds for the Disaster Loan Program have been fully expended as of October 15, 2024. Applications are still being accepted and processed in anticipation of future funding.
To apply, businesses should complete applications promptly online at sba.gov/disaster. Assistance is also available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. The deadline for submitting applications is August 11, 2025.
By offering these loans, the SBA aims to help businesses in Michigan recover and build resilience against future challenges.
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Categories: Michigan, Education