Loans available for businesses, others damaged by fall rain

Eastern UP

Cash is fanned out from a wallet in North Andover, Massachusetts on June 15, 2018. (AP / Elise Amendola)

LANSING, Mich. (AP) — Michigan small businesses, agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations damaged by excessive rain Sept. 30 can apply for federal loans.

The U.S. Small Business Administration says the low-interest Economic Injury Disaster Loans are available in Alger, Cheboygan, Chippewa, Emmet, Luce, Mackinac and Schoolcraft counties.

Loan amounts can be up to $2 million with 3% interest rates for small businesses and 2.75% for private nonprofit organizations of all sizes. The loans are not intended to replace lost sales or profits.

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