Small businesses and non-profits in seven of the counties affected by the March ice storm across northern Michigan still have the opportunity to apply for economic injury disaster loans through the U.S. Small Business Administration.
The loans are can be used for essential expenditures the businesses and organizations are either unable or struggling to make due to the ice storm.
Julie Garrett is with the SBA. She said the loans are to meant to keep people in business, not replace lost sales and profits.
"We're looking at what you need to keep your doors open and meet your monthly expenses," Garrett said. "By that I mean payroll, rent, utilities, health insurance payments, etc., that's what an economic injury disaster loan is for."
The loans are available in the following counties: Cheboygan, Charlevoix, Emmet, Mackinac, Montmorency, Otsego and Presque Isle.
Businesses and non-profits can apply for the loans at no cost, and have no obligation to accept any offers. If accepted, payment and interest will remain on hold for a 12-month period, with no prepayment penalty.
"The loans are direct from the U.S. Treasury," Garrett said. "The term's are up to 30 years, and the interest rate never changes."
Applications for economic injury disaster loans can be submitted on the SBA website until March 9, 2026.
Physical damage loan applications for homeowners and renters closed back in August, but interested parties can attempt at a late application by calling (800) 659-2955. These loans cover uncompensated losses from ice storm damage.
