The Small Business Administration will provide fixed-rate, low-interest loans to businesses and homeowners in seven northern Michigan counties who faced physical damage and economic struggle due to March’s ice storm.
The declaration was issued on Monday, and it comes as state and federal leaders from both parties call for disaster relief.
The counties include Cheboygan, Charlevoix, Emmet, Mackinac, Montmorency, Otsego and Presque Isle.
The SBA fact sheet says applications are open through Aug. 8, 2025 for loans to cover physical damage, and applications for economic injury are open until March 9, 2026.
Business Physical Disaster Loans of up to $2 million are available for businesses of all sizes. Economic Injury Disaster Loans are also available for up to $2 million dollars.
EIDL loans are intended for “small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of all sizes” that can't afford outside help.
There are also loans of up to $500,000 dollars for homeowners and renters for repair or replacement of real estate, along with loans of $100,000 for personal property damage.
Vacation homes are only eligible if they are used as rental properties, and owners can file for an EIDL loan.
Loan rates for businesses start at 4% with applications subject to credit history.
Michigan Gov. Gretchen Whitmer requested a disaster declaration from the SBA in June.
Sen. Gary Peters (D-Bloomfield Township), Sen. Elissa Slotkin (D-Holly) and Congressman Jack Bergman (R-Watersmeet) recently wrote a letter to the SBA, emphasizing that industries like maple syrup production, and tourism are facing economic setbacks that will take years to fix.
"Local capacity is limited, and recovery of this magnitude requires a coordinated effort at all levels of government," the letter read. "This declaration would make available critical federal support and resources to struggling business owners as they continue working to stabilize operations, preserve jobs, and rebuild."
The storm left over 145,000 without power at its peak. The state is still awaiting approval for disaster aid from the Federal Emergency Management Agency.
Loan applications can be made at sba.gov/disaster. There is also a Disaster Loan Outreach Center at the Indian River Chamber of Commerce in Cheboygan County.
