Secretary of Agriculture Declaration Deadline Approaching in Michigan for SBA Working Capital Loans

ATLANTA, Aug. 26, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that September 23 is the filing deadline for federal economic injury disaster loans in Michigan as a result of the combined effects of excessive rain from April 1 through July 29, 2013 returning on Oct. 15, 2013 and continuing, drought from July 30 through Oct. 15, 2013 and cooler than normal temperatures which spanned the entire disaster period.   

The loans are available in Alcona, Alpena, Antrim, Benzie, Charlevoix, Cheboygan, Clare, Crawford, Grand Traverse, Isabella, Kalkaska, Lake, Leelanau, Manistee, Mecosta, Missaukee, Montcalm, Montmorency, Newaygo, Osceola, Oscoda, Otsego, Presque Isle, Roscommon and Wexford counties in Michigan.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.  Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. 

The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 percent for non-profit organizations, and terms up to
30 years.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  Loan applications can be downloaded from the SBA's website at 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.

Completed loan applications must be returned to SBA no later than September 23, 2014.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Release Number: 14-343, MI 13873

Contact: Michael Lampton
Email: [email protected] 
Phone: (404) 331-0333  

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SOURCE U.S. Small Business Administration

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