Loans available for Michigan businesses after summer hail
LANSING, Mich. (AP) — Small businesses, small agricultural cooperatives and private nonprofit organizations financially impacted by an Aug. 1 hailstorm in some parts of northern Michigan can apply for Economic Injury Disaster Loans.
The U.S. Small Business Administration said the federal loans are being made available in Antrim, Benzie, Grand Traverse, Kalkaska, Leelanau, Manistee, Missaukee and Wexford counties.
The agency says the working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.