SBA Economic Injury Disaster Loans Available In Livingston County
December 26, 2019
Economic Injury Disaster Loans are available in 44 Michigan counties, including Livingston, as the result of excessive rain.
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. The Economic Injury Disaster Loans are being made available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Michigan as a result of excessive rain from March 1st through September 1st, 2019. The loans are available in 44 counties including Livingston, Genesee, Washtenaw and Ingham. 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 the disaster. With the exception of aquaculture enterprises, the SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.75% for private nonprofit organizations of all sizes, with terms up to 30 years. The working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Completed loan applications musty be submitted to the SBA no later than August 17th, 2020. Details can be found in the attached press release. (JM)