On Sep. 20, SBA made available working capital loans for drought.
SBA reported working capital Economic injury disaster loans (EIDLs) are available in Michigan following disaster declaration for drought that began Jul 18, 2023.
EIDL are available to small business, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofits with economic losses due to drought.
Eligibility
Available to eligible farm-related, nonfarm-related entities that suffered financial loss.
Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers who may be eligible for other relief via Secretary.
Working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred, not lost profits.
Applications
Completed loan applications should be submitted to SBA by May 13, 2024.
Mar. 2024 SBA Extended Filing Deadlines
On Mar. 7, 2024, SBA extended the incident periods and application filing deadlines under drought declarations 18175, 20133, and 20175 in Michigan to Sep. 26, 2024.
Also provided that small businesses, small aquaculture firms, and most private nonprofits were now eligible to apply for Economic Injury Disaster Loans (EIDLs).
Loans are available in Alcona, Alger, Alpena, Antrim, Arenac, Bay, Benzie, Charlevoix, Cheboygan, Clare, and other Michigan counties are listed in the announcement.
