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SBA offers loans for small Michigan businesses affected by frost

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Posted at 5:50 PM, Jul 01, 2021
and last updated 2021-07-01 17:50:10-04

ATLANTA — The U.S. Small Business Administration is issuing a reminder to small businesses in Michigan, including those in agricultural cooperatives and aquaculture as well as most private nonprofits, that the deadline to file for economic relief from frost-related disasters is Aug. 2, the SBA says.

We’re told this applies to the frost that occurred between May 8 and May 9 of 2020 and that loans are available in Kalamazoo, St. Joseph, Branch, Hillsdale and Calhoun Counties.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” says Field Operations Center East Director Kem Fleming.

The SBA says they cannot offer loans to agricultural producers, ranchers and farmers, except for aquaculture companies. They also say loans are not intended to reimburse for profit or sales losses.

Loan amounts of up to $2 million will be offered with an interest rate of 3 percent for small businesses and 2.75 percent for private nonprofits, the SBA tells us.

Click here to apply under SBA declaration #16799.

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