<p>LANSING, Mich. — Michigan small businesses, agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations damaged by excessive rain Sept. 30 can apply for federal loans.</p>
<p>The low-interest <a href="https://disasterloanassistance.sba.gov/ela/s/">Economic Injury Disaster Loans</a> are available in Alger, Cheboygan, Chippewa, Emmet, Luce, Mackinac and Schoolcraft counties, the U.S. Small Business Administration said.</p>
<p>Loan amounts can be up to $2 million with 3% interest rates for small businesses and 2.75% for private nonprofit organizations of all sizes. The loans are not intended to replace lost sales or profits, according to the agency.</p>
<p>“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 eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.</p>
<p>Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.</p>
<p>Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers, the agency said.</p>
