October 30, 2020  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Small Business News for Entrepreneurs


Small Business Finance News


Excessive Flooding Leads To Disaster Recovering Loans In Michigan

Written by Jenna Weiner
Published: 3/1/2010

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.

Entrepreneur Business Chart

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.

Have Friends Who Might Like This Article?

Tweet via @gaeblerdotcom Share this on Twitter

Let them know on LinkedIn

Ready to Learn More? We Think You Might Like These Articles:


About Our Small Business Magazine

If you enjoyed this article, you can find plenty more like it on our site. We cover current news stories for small business owners. In addition to breaking news for entrepreneurs, we also have tons of how-to articles that cover topics like obtaining venture capital, preparing a marketing plan, getting publicity and much more.



Additional Resources for Entrepreneurs

Help for Native American Entrepreneurs

Resources for Gay Entrepreneurs

Businesses for Sale

Online Entrepreneur Tools


Lists of Small Business Incubators

Lists of Angel Investors