If you own a business or ag co-op in Michigan's Great Southwest that was impacted by the widespread severe flooding of the St. Joseph River back in mid-to-late-February the clock is rapidly ticking down on your window of opportunity to obtain a working capital loan from the federal government.
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 private nonprofit organizations affected by the severe storms and flooding from February 19th-to-21st, 2018.
Kem Fleming, Director of SBA Field Operations Center East, says, “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 December 31st deadline.”
Low-interest disaster loans are available in the following counties:
- Saint Joseph
- Van Buren
- La Porte County Indiana
- St. Joseph County Indiana.
Working capital disaster loans up to $2-million are available at 3.58-percent for small businesses, and 2.5-percent for private nonprofit organizations 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.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at 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.
The deadline to return economic injury applications is December 31, 2018.
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
The photo accompanying this story on Moody on the Market is courtesy of Robert Becker, Aerial Perspective Drones.