LANSING, Mich. (WILX) – US Small Business Administration working capital loans are still available for small businesses, small farmer cooperatives, small aquaculture businesses, and private nonprofits affected by severe storms and floods from May 16 to 22. 2020.
Low Interest Disaster Working Capital Loans are available in the following Michigan counties: Alcona, Arenac, Bay, Clare, Genesee, Gladwin, Gratiot, Iosco, Isabella, Midland, Ogemaw, Oscoda, Roscommon, Saginaw, Shiawassee and Tuscola.
Disaster working capital loans of up to $ 2 million are available at 3% for small businesses and 2.75% for private not-for-profit organizations, with terms of up to 30 years . Loans are meant to pay off fixed debts, payroll, accounts payable, and other expenses that might have been paid had the disaster not occurred.
To be considered for this assistance, eligible entities must submit an application by the April 9 deadline. Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at Disaster.sba.gov and should apply under SBA Statement # 16534, not for the COVID-19 incident.
Loan applications can be downloaded from the SBA website at sba.gov/catastrophe. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Submit completed loan applications to the SBA no later than April 9, 2021.
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