LANSING, Mich. (AP) - Federal loans are available to small businesses, agricultural cooperatives, aquaculture businesses and private nonprofits affected by a severe summer storm in Michigan's northwest Upper Peninsula.
The U.S. Small Business Administration says Wednesday that the Economic Injury Disaster Loans are for eligible farm-related and nonfarm-related entities in Gogebic County that suffered financial losses as a direct result of the storm.
The July storm included strong winds, rain and a tornado. Trees and power lines also were downed. Many areas saw flooding. A state disaster was declared July 15.
Loan amounts can be up to $2 million. The U.S. Small Business Administration determines eligibility based on the size of the applicant, type of activity and its financial resources.
The loans are not intended to replace lost sales or profits.