The U.S. Small Business Administration (SBA) has announced the availability of economic injury disaster loans for 44 Michigan counties, including Livingston, to those affected by the area's excessive rainfall.
The loans are available to small businesses, small agricultural cooperatives and small businesses involved in aquaculture as well as private nonprofits that suffered financial losses March 1 through Sept. 1, 2019, due to the excessive rain. The loan program is for eligible farm-related and non farm-related businesses or organizations but does not provide funds for agricultural producers, farmers or ranchers.
Loan rates are available up to $2 million with a 4 percent interest rate for small businesses and a 2.75 interest rate for private nonprofits and can be used for fixed debts, payroll and accounts payable but are not designed to replace sales or profits.
Loan application can be found at https://disasterloan.sba.gov/ela/ and deadline for application submission is Monday, Aug. 17, 2020.