February 22, 2024
Loans

Macomb County small businesses and nonprofits may apply for SBA loans – Macomb Daily


Certain businesses in Macomb, Oakland and St. Clair counties that rely on agriculture and were adversely impacted by excessive rain that occurred from June 26 through Nov. 1, 2023 may be eligible for federal financial assistance such as restaurants and farm equipment stores. Photo courtesy of SBA

Macomb County farmers are impacted by severe weather but so are small businesses that rely on their crops, produce and business such as restaurants and farm equipment dealerships.

Even companies that provide outdoor recreation are impacted by excessive weather conditions.

Now there’s help for these small businesses.

The U.S. Small Business Administration (SBA) announced that federal Economic Injury Disaster Loans (EIDLs) are available for Michigan’s small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to excessive rain that occurred on June 26 through November 1, 2023.

Among the counties named in the declaration were Macomb, Oakland and St. Clair counties.

“Working capital loans from the SBA are essential to eligible small businesses when the secretary of agriculture declares a disaster due to farmers crop losses,” Francisco Sanchez Jr., associate administrator of SBA’s Office of Disaster Recovery and Resilience, stated in a press release. “These loans help sustain rural economics when a disaster occurs.”

The loan amount can be up to $2 million with interest rates of 4 percent for small businesses and 2.375 percent for private nonprofit organizations, with terms of up to 30 years.

Interest does not accrue and payments are not due until 12 months from the date of the first loan disbursement.

How much of a loan is based on the needs of the business not lost sales or profits.

“A business that might have $1 million in sales but does not need to replace that in order to keep lights on,” said Jack Camp, public affairs supervisor for the SBA’s east field operations center. “The loans are meant to cover operating expenses such as payroll and insurances related to the business.”

Camp said those who want to apply for the loan must do so by Sept. 24, 2024.

“These loans are directly from the federal government so applicants do not need to go to a bank,” Camp said.

Just fill out the application online at sba.gov/disaster.

“There’s a lot of businesses that could qualify for the loans,” added Camp.

Other Michigan counties eligible for the disaster loans include: Gladwin, Midland, Mecosta, Saginaw, Bay, Arenac, Lapeer, Missaukee, Huron, Ogemaw, Osceola, Roscommon, Sanilac, Tuscola and Wayne. For more information call the SBA Customer Service Center at 800-659-2955.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *