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Michigan Food and Agriculture Companies Can Now Apply for Economic Injury Disaster Loans
May 07, 2020
The Michigan Department of Agriculture and Rural Development and the Michigan Economic Development Corporation want the state’s food and agriculture companies to know they are now eligible for the U.S. Small Business Administration’s Economic Injury Disaster Loan and EIDL Advance programs. Qualified Michigan food and agriculture businesses that have been impacted by the COVID-19 pandemic, and have fewer than 500 employees, are encouraged to prepare their business financial information and apply.
SBA’s EIDL portal has been reopened for farmers and agriculture businesses affected by the Coronavirus pandemic. Per SBA guidelines, agriculture businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agriculture related industries [as defined by section 18(b) of the Small Business Act]. Eligible agriculture businesses must have 500 or fewer employees.
“This is the first time agricultural producers are eligible for the programs, and it couldn’t come at a more critical moment for Michigan’s food and agriculture industry,” said MDARD Director Gary McDowell. “Across the country, we are seeing fractures in the food supply chain, and we need every resource available to help weather this storm. We urge every qualified food and agriculture business in Michigan to take advantage of these programs, not only for their own businesses, but also for the food security of the entire state.”
“Small businesses drive the economies 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. “Federal EIDL loans are helping provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing, and it is good news for our state that food and agriculture companies are now eligible to apply.”
For more information and to apply, please visit: www.sba.gov/disaster.