SBA Provides Loans to Michigan Small Businesses Affected by Freeze
ATLANTA – The US Small Business Administration is reminding small businesses in Michigan, including those in agriculture and aquaculture co-operatives as well as most private nonprofits, of the deadline to apply for economic assistance in case of frost-related disasters is August 2, says the ASB.
We are told this applies to the freeze that occurred between May 8 and 9, 2020, and that loans are available in Kalamazoo, St. Joseph, Branch, Hillsdale and Calhoun counties.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from crop damage and loss, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” the director said. from Field Operations Center East, Kem Fleming.
The SBA says it cannot offer loans to agricultural producers, ranchers and farmers, except for aquaculture companies. They also say that the loans are not intended to pay off profits or lost sales.
Loans of up to $ 2 million will be offered at an interest rate of 3% for small businesses and 2.75% for private nonprofits, the SBA tells us.
Click on here to be applied under SBA declaration # 16799.