The U.S. Small Business Administration has approved over $4.2 million in federal disaster loans for Northern Michigan residents and businesses affected by severe ice storms in March.
As of Friday, Aug. 8, the SBA has provided more than $3 million to residents and $1.2 million to businesses through the Economic Injury Disaster Loan (EIDL) program, according to an announcement.
Mary Bielaczyc begins cleaning up a yard in Petoskey on Thursday, April 3, 2025 following a destructive ice storm.
The EIDL program remains available to small businesses, small agricultural cooperatives and private nonprofit organizations with financial losses directly related to the March 28-30 storms. However, the SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, except for small aquaculture enterprises.
EIDLs can be used for working capital needs caused by the disaster, even if the business or nonprofit did not suffer any physical damage. The loans may cover fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
More: Whitmer secures disaster declaration from Trump for Northern Michigan storms
More: Northern Michigan to receive $50M in federal aid for ice storm recovery efforts
Financial support still available
Businesses and nonprofits can apply for business physical disaster loans, borrowing up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Homeowners and renters can apply for home and personal property loans, borrowing up to $100,000 to replace or repair personal property such as clothing, furniture, cars and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, regrading landscaping for better drainage and installing a safe room or storm shelter to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.625% for nonprofits and 2.75% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
The filing deadline to return applications for physical property damage was Aug. 8. The deadline to return economic injury applications is March 9, 2026.
To apply online and receive additional disaster assistance information, visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at 800-659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
This story was created by Jane Imbody, jimbody@gannett.com, with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more at cm.usatoday.com/ethical-conduct.
This article originally appeared on Cheboygan Daily Tribune: SBA approves $4.2M in loans after March ice storms in Northern Michigan
