Sweet cherry farmers in eight Michigan counties may be eligible for low-interest loans to help recover from recent weather-related challenges. The U.S. Small Business Administration (SBA) has declared an agricultural disaster in Berrien, Gogebic, Grand Traverse, Houghton, Leelanau, Manistee, Marquette, and Van Buren counties. This declaration allows farmers in these counties, who have suffered significant losses due to frost and freeze events in April and May, to apply for disaster assistance loans.
The loans are designed to help farmers cover essential expenses such as operating costs, equipment, and repairs to damaged infrastructure. Farmers who have experienced losses of at least 30% due to the weather events are eligible to apply for these loans. The loans have a low interest rate of 3.75% for small businesses and 2.75% for non-profit organizations, with terms ranging up to 30 years. Farmers have until January 3, 2023 to apply for assistance.
The declaration of an agricultural disaster in these counties recognizes the significant impact that weather-related challenges have had on sweet cherry farmers in the region. By providing access to low-interest loans, the SBA aims to support farmers in their recovery efforts and ensure the long-term viability of the sweet cherry industry in Michigan.
Farmers in the eligible counties are encouraged to contact their local Farm Service Agency office for more information on how to apply for the disaster assistance loans. With the support of these loans, sweet cherry farmers in Michigan have the opportunity to mitigate the financial impact of recent weather events and continue to thrive in the face of adversity.
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