Oakland County small businesses and nonprofits hit financially by the severe storms that swept Michigan in April can apply for federal low-interest disaster loans through March 30, 2027. That includes businesses in Rochester, Rochester Hills and Oakland Township.

The U.S. Small Business Administration opened the loan program after a presidential disaster declaration issued June 30 covering storms, tornadoes and flooding that struck from April 10–21. The SBA announced the program in a July 10 press release. The SBA reiterated the offer in a Sept. 3 post on X, and Oakland County Emergency Management had already shared the details in an Aug. 6 Facebook post.

The loans are called Economic Injury Disaster Loans, or EIDLs. Oakland County is classified as an "adjacent county" in the disaster declaration, which means local businesses can apply for economic injury loans but not physical damage loans.

Who qualifies

Eligible applicants include small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations. The SBA requires that applicants demonstrate they cannot obtain credit elsewhere and suffered substantial economic injury tied to the April storms.

EIDL funds can cover working capital and operating expenses such as payroll, health care benefits, rent, utilities and fixed debt payments that could not be met because of the disaster. Businesses do not need to have suffered physical property damage to qualify.

Loan terms

Interest rates are as low as 4% for businesses and 3.625% for nonprofits, according to the SBA. The first payment is deferred for 12 months, and no interest accrues during that period. Repayment terms extend up to 30 years, with no prepayment penalty or fees.

The program is a direct federal loan. Applicants apply through the SBA, not through a bank.

How to apply

Applications are open at sba.gov/disaster. Applicants can also call (800) 659-2955 or email [email protected]. Those who are deaf, hard of hearing or have a speech disability can dial 711 for relay services.

The deadline for economic injury applications is March 30, 2027.