SBA Disaster Loans Available in Michigan Following Secretary of Agriculture Disaster Declaration

The U.S. Small Business Administration announces today that federal disaster loans are available to small businesses located in the State of Michigan as a result of several frost and freeze events that occurred April 4 through June 13, 2007.

Small businesses in the following counties are eligible to apply for these loans: Alger, Allegan, Alpena, Antrim, Baraga, Barry, Benzie, Berrien, Branch, Calhoun, Cass, Charlevoix, Cheboygan, Clinton, Crawford, Delta, Dickinson, Eaton, Emmet, Grand Traverse, Gratiot, Hillsdale, Ingham, Ionia, Iron, Isabella, Jackson, Kalamazoo, Kalkaska, Kent, Lake, Leelanau, Lenawee, Livingston, Luce, Mackinac, Manistee, Marquette, Mason, Mecosta, Menominee, Midland, Missaukee, Montcalm, Montmorency, Muskegon, Newaygo, Oceana, Osceola, Oscoda, Otsego, Ottawa, Presque Isle, Roscommon, Saginaw, Shiawassee, St. Joseph, Schoolcraft, Van Buren, Washtenaw and Wexford.

"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 small businesses affected by the same disaster," said Frank Skaggs, Director of SBA Field Operations Center East.

Under this declaration, SBA's Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to the SBA.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition. Under this disaster declaration, the SBA cannot provide loans to agricultural producers.

Interested business owners should contact SBA's Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 9 p.m. EST. Loan applications can also be downloaded from http://www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Completed loan applications must be returned to SBA no later than July 14, 2008.

For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov.