Funding available for businesses impacted by warm winter [Video]

MICHIGAN, USA — Michigan businesses that have been impacted by the unusually warm winter and low snowfall totals can now apply for federal funding, which is available for 42 counties.

The eligible counties are in the northern Lower Peninsula and Upper Peninsula. If a business lost money due to the lack of snow, they could receive funding under the Small Business Administration’s (SBA) disaster designations for drought. 

Drought applies to both lack of rain and snow.

SBA Economic Injury Disaster Loans are up to $2 million to help businesses recover after a disaster. Businesses will not pay interest on the loan for the first year, and will receive a maximum interest rate of 4% for the remainder of the loan period.

With Michigan seeing drastically below-average snowfall totals, many businesses like ski resorts, sporting goods stores and hotels have suffered losses.

“Michiganders are used to tough winters, but this year’s record-setting warm winter …