The SBA 7(a) program accounts for more than 60,000 small business loans each year and is the SBA’s flagship loan product. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. The goal of the Michigan District Office is to create an environment within... MORE >>. SBA has resource partners like SCORE, Small Business Development Centers and Women's Business Centers that provide additional business counseling and training. To learn more, visit www.sba.gov. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added. There are plenty of non-SBA loan options available in Michigan although they may have higher rates, shorter terms and larger payments. SBA loans are specifically designed for small business owners that might not have the capital or collateral to qualify for a traditional bank loan. The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. About the U.S. Small Business Administration. The PPP Extension Act of 2021 also gives the Small Business Administration (SBA) an additional 30 days beyond May 31 to process those loans. With projects in over 90% of Michigan counties and offices throughout the state of Michigan it is easy to see why more lenders and business owners choose the MCDC to assist them in their business expansions. Non-SBA Loans in Michigan. For fiscal year 2018, Michigan lenders set a new record for 7a loans, with 2,550 approvals. The average SBA loan per individual was $185,119 which accounted to a $2,072,457 in venture capital. “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Project sizes range from $250,000 to $20 million. Business owners can access up to $5.5 million in capital with repayment terms of anywhere from half a decade to 25 years. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. Women-Owned Small Business Federal Contracting program, Service-Disabled Veteran-Owned Small Business Concern program, Natural Resource Sales Assistance program, Commercial market representative directory, Procurement center representative directory, SBA Strategic Plan Fiscal Years 2018 – 2022, SBA Strategic Plan Fiscal Years 2014-2018, SBA Strategic Plan Fiscal Years 2011 - 2016, SBA Final Plan for Retrospective Analysis of Existing Rules, Congressional Budget Justification/Annual Performance Report, FY 2017 Summary of Performance and Financial Information, FY 2016 Summary of Performance and Financial Information, FY 2015 Summary of Performance and Financial Information, FY 2014 Summary of Performance and Financial Information, FY 2013 Summary of Performance and Financial Information, FY 2012 Summary of Performance and Financial Information, FY 2011 Summary of Performance and Financial Information, FY 2010 Summary of Performance and Financial Information, FY 2009 Summary of Performance and Financial Information, FY 2008 Citizens' Report (Performance and Financial Highlights), Small Business Administration (SBA) Loan Program Performance, FY 2019 Verification and Validation Forms, FY 2018 Verification and Validation Forms, FY 2017 Verification and Validation Forms, FY 2016 Verification and Validation Forms, FY 2015 Verification and Validation Forms, FY 2014 Verification and Validation Forms, Program Evaluation & Evidence Registry (PEER), SBA Information Quality Peer Review Agenda, Governance Approach Summary and Documentation, Contact the Senior Agency Official for Privacy (SAOP) / Chief Privacy Officer (CPO), Information Generally Exempt From Disclosure and Information Generally Releasable, President Obama's FOIA Memorandum and FOIA Text, Government Contracting Area Offices (Size Standards), FY 16 Conferences & Events Above $100K Report, 2016 Federal Employee Viewpoint Survey Results, 2017 Federal Employee Viewpoint Survey Results, FY 15 Conferences & Events Above $100K Report, FY 14 Conferences & Events Above $100K Report, FY 13 Conferences & Events Above $100K Report, FY 12 Conferences & Events Above $100K Report, Draft Environmental Justice Strategic Plan, SBA Plan for Operating in the Event of a Lapse in Appropriations, First Quarter 2012 Retrospective Review Reports, Second Quarter 2012 Retrospective Review Report, Third Quarter 2012 Retrospective Review Report & Burden Reduction Initiative, Fourth Quarter 2012 Retrospective Review Report, SBA February 2015 Retrospective Review Report, SBA July 2015 Retrospective Review Report, SBA Obtains $256K Judgment Against Fraudulent Medico, Statement from SBA Administrator Karen Mills on the Revocation of EDF's Authority to Participate in the 504 Loan Program, SBA Revokes Authority of SEM Resource Capital to Participate in the 504 Loan Program Revised by, SBA Revokes Authority of Atlanta Micro Fund, Inc. to Participate in the SBA Microloan Program, Internal Controls for SES, SL, and ST Performance and Misconduct, National Resource Guides (English/Spanish). ATLANTA – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Michigan small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. Michigan Small Business. Huntington is the #1 SBA 7 (a) lender in the region made up of Illinois, Indiana, Kentucky, Ohio, Michigan, West Virginia, Western Pennsylvania and Wisconsin. “Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza. ATLANTA – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Michigan small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. Michigan SBA loans provide a comprehensive loan term for lenders and the benefits are endless. In addition, the interest rate is fixed for the life of your SBA loan. VAN WALL FIRE PROTECTION, INC., located in COMSTOCK PARK, MI has a $150000 - $350000 PPP loan from Mercantile Bank of Michigan and retained 20 jobs. SBA will provide $100,000 additional SBA Microloan capital, directed specifically towards Flint, Metro Community Development, Inc. (MCD), subject to 15% loan loss reserve (to supplement the existing $200,000 awarded). The SBA 504 loan can be for 10, 20 or 25 years. With projects in over 90% of Michigan counties and offices throughout the state of Michigan it is easy to see why more bankers and business owners choose the MCDC to assist them in expanding their business. Start your business in 10 steps. Not sure where to start? Not sure where to start? Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. Michigan - PPP Funded Companies Michigan PPP Funded Companies This directory is composed of all companies that have received loans under the Paycheck Protections Program according to data provided by the U.S. Treasury. With a workforce of no less than 1.8 million employees, small businesses thrive in the Great Lakes State. Visit the SBA website for details and loan applications. The interest rate is 3.75 percent for small businesses. This table shows the top 5 industries in Michigan by number of loans awarded, with average loan amounts and number of jobs reported. Five Tips About Paycheck Protection Program Loan Forgiveness Michigan Small Businesses Should Know October 26, 2020 SBA’s $1.35 Million STEP Award Boosts Export Opportunities for Michigan’s Small Businesses All businesses in the State of Michigan are now eligible to apply online at https://disasterloan.sba.gov/ela. COVID-19 relief options and additional resources, Michael Lampton (404) 331-0333 [email protected], U.S. Small Business Administration   |   409 3rd St, SW. Washington DC 20416. For example, a loan of $500,000, you’re looking at a $50,000 down payment, and so on. The interest rate for private non-profit organizations is 2.75 percent. Interest rates are typically lower than the lender’s interest rate. Arbor Financial offers government-backed Small Business Administration (SBA) Loans for just about any purpose. Getting your Employer Identification Number, business licenses and learning how to file as an LLC or other type of business entity can be a difficult process without preparation. The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month. To be eligible for a Small Business Administration (SBA) you must apply with lending Michigan Banks. Shared costs mean lower costs for both Credit Unions and the business borrowers. This is NOT a directory of companies that received a … Generally speaking, Microloans play an important role in communities where access to conventional lending remains a challenge. Questions? These will be direct loans from SBA and will be repaid directly to SBA. COVID-19 relief options and additional resources, U.S. Small Business Administration   |   409 3rd St, SW. Washington DC 20416. Business Lines of Credit; A business line of credit allows you to borrow funds up to a limit based on your credit, typically smaller than a term loan. Michigan businesses that applied for and received a loan as part of a national effort to save small companies during the coronavirus pandemic is now public information. It’s fully amortized with no balloon payment. The state started off slowly but is now quickly catching up with the other states with a score of 38.21. Start your business in 10 steps. It is the job of the Economic Development Foundation (EDF) to encourage the use of 504 lending throughout Michigan. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Of anywhere from half a decade to 25 years be eligible for a standard (! 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