SBA disaster loans now available to Michigan private non-profits affected by severe storms and flooding
LANSING, Mich. (WILX) - The U.S. Small Business Administration announced on Wednesday that specific private non-profit organizations in Michigan will be able to apply for low-interest rate loans. The going interest rate is 2.75 percent with terms up to 30 years.
Private non-profit organizations that do not provide critical services of a governmental nature are the only organizations eligible to apply. Non-critical private non-profit organizations would be considered food kitchens, shelters, museums, libraries, and community centers.
In the state of Michigan, private non-profit organizations in Saginaw, Arenac, Midland, Gladwin, and Iosco counties fit the eligibility criteria.
Private non-profit organizations can borrow up to $2 million in loans for properties, machinery, and business-related assets damaged and or destroyed by severe weather. Some mitigation improvements covered by the loans are the following: safe rooms, storm shelters, sump pumps, French drains, or retaining walls meant for protection purposes.
Eligible applicants are encouraged to reach out to their respective Emergency Manager for further information and guidance. Applicants may apply for declaration #16535 online using the Electronic Loan Application.
The application can be found here.
Applications must be filed by September 8, 2020.
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