Michigan businesses can seek relief amid unusual winter conditions

It has been a record-breaking winter in Michigan and not necessarily in a good way. Detroit recorded the highest February temperature in state history with 73 degrees on Feb. 27. Meanwhile, the Upper Peninsula witnessed its own peculiar weather patterns.

Marquette saw 72.6 inches of snow this season, falling 54 inches less than average. Unseasonably warm weather forced the cancellation of multiple events including all three major sled dog races held in the U.P. Small businesses impacted by lack of snow in 42 Michigan counties, including most Upper Peninsula counties, can apply for federally funded loans to help meet financial obligations and operating expenses.

Economic Injury Disaster Loans are available because of ongoing federal drought declarations. Businesses can apply for loans up to $2 million on which they pay no interest for the first year and a maximum rate of 4% for the rest of the loan period.

Michigan Governor Gretchen Whitmer said, “A drought is a drought—whether we’re talking about rain or snow. Businesses impacted by low snow in these 42 counties can apply for support right now, and I’ll continue to push our federal government for more solutions. We’ll get through this warm winter together.” Loan applications and additional disaster assistance information can be found at lending.sba.gov.