From the Associated Press — Michigan small businesses, agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations damaged by excessive rain September 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.
