Peters Offers Assistance with Applications for SBA Disaster Recovery Loans

WASHINGTON, DC – U.S. Senator Gary Peters (MI) today encouraged small businesses across Michigan that have been affected by excessive rain and cooler than normal temperatures that began on April 1, 2014 to contact his office if they need help applying for a disaster assistance loan through the U.S. Small Business Administration (SBA). Currently, the SBA’s Economic Injury Disaster Loans program is available to eligible Michigan farm-related and nonfarm-related entities that suffered financial losses as a direct result of these weather changes.

“Small businesses are the backbone of Michigan’s economy, and when disaster strikes, it is critical that we respond to ensure they have the resources needed to recover and continue strengthening our economy,” said Senator Peters, a member of the Senate Small Business and Entrepreneurship Committee. “I encourage Michiganders who have been affected by these severe weather conditions to contact my office if they need assistance with the SBA’s disaster recovery loan program.”

Michiganders who need assistance with their application should call Peters’ office at 313-226-6020. The filing deadline to return completed loan applications to the SBA is November 25, 2015. More about the SBA’s disaster loan program, as well as the required materials for a completed loan application, can be seen here.

Eligible counties include: Alger, Allegan, Antrim, Baraga, Barry, Benzie, Charlevoix, Cheboygan, Chippewa, Clare, Clinton, Crawford, Delta, Dickinson, Genesee, Gogebic, Grand Traverse, Gratiot, Houghton, Ingham, Ionia, Iron, Isabella, Kalkaska, Kent, Lake, Livingston, Luce, Mackinac, Manistee, Marquette, Mason, Mecosta, Menominee, Midland, Missaukee, Montcalm, Montmorency, Muskegon, Newaygo, Oceana, Ontonagon, Osceola, Oscoda, Otsego, Ottawa, Roscommon, Saginaw, Schoolcraft, Shiawassee and Wexford.

The federal Economic Injury Disaster Loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.625 percent for nonprofit organizations, and terms up to 30 years.