ATLANTA, Feb. 28, 2013 /PRNewswire-USNewswire/ -- 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 most private non-profit organizations affected by the severe storms and flooding on May 3-5, 2012.
"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 March 28 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 3 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 the following counties: Genesee, Lapeer, Livingston, Oakland, Saginaw, Shiawassee and Tuscola 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 firstname.lastname@example.org. Loan application forms can also be downloaded from www.sba.gov. 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 28, 2013.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Michael Lampton
Release Number: 13-339, MI 13102
SOURCE U.S. Small Business Administration