TRAVERSE CITY — The U.S. Small Business Administration is offering low-interest federal disaster loans to Michigan residents and businesses impacted by the late March ice storm.
According to a July 24 news release from the SBA, eligible applicants include homeowners, renters, businesses and nonprofits that suffered physical damage or economic losses due to the March 28–30 storm.
Loans of up to $500,000 are available for primary residence repairs not covered by insurance, and up to $100,000 for damaged or destroyed personal property, including vehicles.
Businesses and nonprofits may apply for physical disaster loans or economic injury disaster loans to cover losses from power outages, closures, inventory loss or structural damage.
Disaster loans feature low fixed interest rates and repayment terms of up to 30 years. No payments or interest are required for the first 12 months. Applicants do not need to wait for insurance settlements before applying.
The deadline to apply for a physical disaster loan is Aug. 8, 2025. The deadline for economic injury disaster loans is March 9, 2026.
Residents can apply online at sba.gov/disaster or in person at a local disaster loan registration event. One such event is scheduled for Thursday, July 31, at the East Jordan Police Department Conference Room, 326 Main St., East Jordan.
Appointments can be made through the East Jordan Chamber of Commerce by calling 231-536-7351.
For more information, call the SBA at 800-659-2955 or email DisasterCustomerServ-ice@sba.gov.
