(WXYZ) — The U.S. Small Business Administration is sending out a reminder that October 4 is the filing deadline for federal economic injury disaster loans around damage from the excessive rain on Sept. 30, 2020.
The loans, which are for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, are available for the counties of Alger, Cheboygan, Chippewa, Emmet, Luce, Mackinac and Schoolcraft.
The loan amount, according to SBA, can be up to $2 million. They have interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years.
Applicants can go to https://disasterloanassistance.sba.gov/ela/s/ to apply, using the SBA declaration #16866.