September 28, 2022
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Michigan agribusinesses now eligible for economic disaster loans

By on March 23, 2021 0

EIDL loans will provide support to small businesses that experience a loss of income during this time.

LANSING, Mich. — Farmers in Michigan are receiving financial assistance amid the COVID-19 pandemic.

According to the Michigan Department of Agriculture and Rural Development, Michigan agribusinesses are now eligible for the United States Small Business Administration’s (SBA) Economic Disaster Loan and EIDL Advance programs.

Agricultural businesses include those involved in legal food and fiber production, animal husbandry and aquaculture, and livestock, as well as other agriculture-related industries. These companies can now apply for loans if they have 500 employees or less.

RELATED: Coronavirus Updates, May 7: Whitmer Extends Stay-at-Home Order; the state reports more than 4,300 deaths

“Small businesses are the economic engine of our communities, and we understand that farmers and agricultural businesses are facing unprecedented challenges in the face of COVID-19,” said Mark A. Burton, CEO of the Michigan Economic Development Corporation.

EIDL loans will provide support to small businesses that experience a loss of income during this time.

The Michigan Department of Agriculture and Rural Development encourages qualified agricultural businesses in Michigan with fewer than 500 employees to prepare financial information and apply for the SBA website.

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