Disaster loans are available for small businesses and local non-profit organizations across Michigan. The goal of the loans are to help with economic losses caused by drought conditions in December 2025.
"To help support the business owner during the time of disaster," Laketa Henderson, the U.S. Small Business Administration Michigan District Director said.
From Dec. 3-31, Isabella, Montcalm, Saginaw, Bay, Midland, Clare, Gladwin and Gratiot counties experienced a drought, according to Michigan Storm Chasers.
The loans are referred as "EIDLs" which means economic injury disaster loans.
"The law limits EIDLs to $2.2 million for economic injury caused by a disaster," Henderson said. "So up to $2 million."
Businesses in each one of these counties and Montcalm, Bay, Gladwin and Gratiot counties are eligible to apply for these loans.
"It goes through the credit worthiness test in terms of, you know, credit history," Henderson said about criteria for the loans. "Your ability to repay, and then interest rates, loans, terms and things of that nature."
Application deadline for the loans are October 13.
"Reach out and try to get some assistance because you may find out that you can get a loan," Henderson said.
