Excessive Flooding Leads To Disaster Recovering Loans In Michigan
Written by Jenna Weiner
Michigan farmers and small business owners who lost money as a result of the severe weather in the state last summer can now apply for a small business loan for up to $2 million thanks to the SBA.
Extreme weather conditions in Michigan last summer destroyed the farms and small businesses of many people in the state. Since, people throughout the region have tried rebuilding the damage, but it has been increasingly difficult to receive financing.
As a result, the Small Business Administration announced good news for small business owners on Monday that it will offer loans of up to $2 million with 4 percent interest rates over 30 years to small businesses affected by the storms. The loans are intended solely to replace money cost by the storms and are available in several counties throughout the state.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East.
In early February, the SBA announced similar loans to counties on the Gulf Coast to small business get back on their feet after the regions rebuilt their infrastructure. The damage from Hurricane Katrina stands as the most visible, but the region suffered through several debilitating natural disasters in recent years.
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