ATLANTA, Feb. 12, 2014 /PRNewswire-USNewswire/ --The U.S. Small Business Administration is reminding business owners in Michigan that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations affected by the severe storms and flooding on April 7-20, 2013.
"Businesses that suffered economic losses as a result of the disaster and want to apply for
low-interest working capital loans from the SBA are urged to do so before the March 12, 2014 deadline," said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.
Economic Injury Disaster Loans (EIDLs) up to $2 million are available at 2.875 percent for private non-profit organizations of all sizes and 4 percent for small businesses, 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.
These EIDLs are available to small businesses and most private non-profit organizations in Allegan, Barry, Kent, Ionia, Montcalm, Muskegon, Newaygo and Ottawa counties in Michigan.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
To obtain disaster loan information and application forms, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to email@example.com. Loan application forms can also be downloaded from www.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 for economic injury applications is March 12, 2014.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 14-113, MI 13619
Contact: Michael Lampton
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration