WASHINGTON — The U.S. Small Business Administration has approved more than $4.2 million in federal disaster loans to support Michigan businesses, nonprofits, homeowners and renters affected by severe winter storms that occurred March 28-30, 2025.
According to an Aug. 11 news release from the SBA, as of Aug. 8, the SBA has provided over $3 million to residents and $1.2 million to businesses through its disaster loan programs.
“Surpassing $4.2 million in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home and communities rebuilding more effectively,” said Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans provide vital support for recovery, and we encourage anyone still in need to apply before the deadline.”
The SBA’s Economic Injury Disaster Loan program remains available to small businesses, small agricultural cooperatives and private nonprofit organizations with financial losses directly tied to the storms. The program is not open to agricultural producers, farmers or ranchers, except for small aquaculture enterprises.
EIDL loans can be used for working capital needs such as fixed debts, payroll, accounts payable and other bills not paid because of the disaster. Businesses and nonprofits may also apply for business physical disaster loans of up to $2 million to repair or replace disaster-damaged real estate, equipment, inventory and other assets.
Homeowners may apply for up to $500,000 to repair or replace their primary residence, while homeowners and renters may borrow up to $100,000 to replace personal property such as clothing, furniture, cars and appliances.
Applicants may also qualify for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation projects such as strengthening structures against high winds, improving drainage or adding a safe room or storm shelter.
Interest rates are as low as 4% for businesses, 3.625% for nonprofits and 2.75% for homeowners and renters, with repayment terms of up to 30 years. Interest does not accrue, and payments are not due, until 12 months after the first loan disbursement.
The deadline to apply for physical property damage loans is Aug. 8, 2025. The deadline for economic injury applications is March 9, 2026.
For more information or to apply, visit sba.gov/disaster, call 800-659-2955 or email disastercustomerservice@sba.gov. Those who are deaf, hard of hearing or have a speech disability may dial 7-1-1 for relay services.
