Small businesses, small agricultural cooperatives, aquaculture businesses and some private nonprofits in several west Michigan counties are now eligible for low-interest economic injury disaster loans from the U.S. Small Business Administration. The affected area includes Van Buren and Allegan counties, and comes as the result of a USDA disaster declaration for heavy rains that soaked the area from May 9 through June 4 of this year. The loan can be up to $2 million with interest rates of 2.5% for private nonprofit organizations and 3.61% for small businesses with terms up to 30 years. The SBA will determine eligibility based on the size of the applicant, type of activity, and its financial resources. Applications are available online at disasterloan.sba.gov.
