SBA Deadline for Michigan Small Businesses to Apply for Working Capital

Loans for the February 2018 Severe Storms and Flooding is Dec. 31
Release Date: 
Wednesday, November 28, 2018
Release Number: 
19-155, MI 15469
Contact: 
Michael Lampton (404) 331-0333 Michael.Lampton@sba.gov

ATLANTA – The U.S. Small Business Administration is reminding businesses in Michigan that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by the severe storms and flooding on Feb. 19-21, 2018.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-Interest loans from the SBA are urged to do so before the Dec. 31,”said Kem Fleming, director of SBA Field Operations Center East.

Low-interest disaster loans are available in the following counties:  Allegan, Arenac, Barry, Bay, Berrien, Branch, Calhoun, Cass, Clinton, Eaton, Gladwin, Ingham, Iosco, Jackson, Kalamazoo, Livingston, Ogemaw, Saint Joseph, Shiawassee and Van Buren in Michigan; La Porte and St. Joseph in Indiana.

Working capital disaster loans up to $2 million are available at 3.58 percent for small businesses, and 2.5 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred.  To be considered for this assistance, eligible entities need to apply by the deadline.

Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.  Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is Dec. 31, 2018.