The deadline is nearing for small businesses in northwest Michigan to apply for federal economic injury disaster loans if damage or loss of business was sustained in the summer of 2009 due to severe weather.
The loans are available through the
U.S. Small Business Administration, and must be filed by Oct. 1. Eligible businesses are those that sustained loss due to rain, flooding, hail, lightning, tornadoes or high winds from April 1 through Sept. 1, 2009.
The disaster declaration includes Antrim, Benzie, Crawford, Grand Traverse, Kalkaska, Lake, Leelanau, Manistee, Mason, Missaukee, Osceola, Oscoda, Otsego, Roscommon, and Wexford counties. It applies to small businesses affected by the weather, both farm-related and non-farm.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," says Frank Skaggs, director of SBA's Field Operations Center East in Atlanta, Georgia.
However, agricultural producers, farmers and ranchers are not eligible to apply to SBA, as they can take advantage of disaster declarations in other ways.
The loan amounts can be up to $2 million with a 4 percent interest rate and terms up to 30 years. Loan information and applications are available by calling the SBA's Customer Service Center by
email. Applications also are on the SBA's secure disaster loan
website.
Writer; Sam EgglestonSource: Frank Skaggs, SBA Field Operations Center East
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