SBA Offers Frost-Affected Small Business Loans in Michigan

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ATLANTA – The US Small Business Administration reminds small businesses in Michigan, including agricultural cooperatives and aquaculture, and most private nonprofits, that the deadline for applying for economic aid in the event of frost-related disasters is August 2. SBA says.

We were told that this refers to frosts that occurred from May 8-9, 2020, and that loans are available in Kalamazoo, St. Joseph, Branch, Hillsdale and Calhoun counties.

“When the Minister of Agriculture issues a disaster declaration to help farmers recover from damage and crop losses, the Small Business Administration issues the declaration to the appropriate organizations affected by the same disaster,” says Kem Fleming, director of the Eastern Field Operations Center.

The SBA says it cannot offer loans to agricultural producers, ranchers, and farmers other than aquaculture companies. They also say that loans are not meant to recoup sales gains or losses.

Loans of up to $ 2 million will be offered at an interest rate of 3 percent for small businesses and 2.75 percent for private nonprofits, the SBA said.

Click on here submit an application according to the SBA Declaration No. 16799.

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