EIDL Loans And Grants Now Available To Agricultural Businesses
May 13, 2020
By Mike Kruzman / firstname.lastname@example.org
Local food and agriculture companies are now eligible for loans and a grant to help them through the pandemic.
The Michigan Department of Agriculture and Rural Development and Michigan Economic Development Corporation want food and agricultural businesses to know they are now eligible for Economic Injury Disaster Loans and EDIL Advance programs. Per Small Business Administration guidelines agriculture businesses include businesses engaged in the legal production of food and fiber, ranching, raising of livestock, aquaculture, and other farming-related industries.
While the EID Loans must be repaid, the Advance program offers up to $10,000 of immediate relief that acts as a grant. It can be applied for simultaneously with the loan and does not require loan approval to receive.
Qualified Michigan food and agriculture businesses that have been impacted by the pandemic and have fewer than 500 employees are being encouraged to prepare their financial information and apply. MDARD Director Gary McDowell said in a release that this is the first time agricultural producers are elgible for the programs, and that it couldn’t come at a more critical moment. He said, with seeing fractures in the food supply chain, we need every resource available to weather this storm. McDowell encourages every qualified business to take advantage of the programs, not just for themselves, but also for the food security of the state.
For more information on the EIDL programs, or to apply, visit www.sba.gov/disaster.