Michigan EIDL Loan Approval Process

Michigan EIDL Loan Approval Process

Michigan has approved 89,864 EIDL applications totaling $7,370,776,998 in SBA EIDL loans.

The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports Michigan small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Michigan businesses.

Michigan SBA EIDL Program

Michigan small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Michigan’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Michigan.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Michigan can apply for Economic Injury Disaster Loans (EIDLs).

The Michigan loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in Michigan.

Michigan EIDL Increase Requests and Loan Modifications

For a complete SBA EIDL Michigan loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Michigan business qualifies for, please schedule a call with us directly.

In Michigan, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Michigan company.

Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in MI.

Did Your Michigan SBA Disaster Loan Get Denied?

If you’re a Michigan business owner whose Michigan EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.

The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.

You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Michigan business receives funds.

Michigan SBA Loan Consultant for EIDL Loans

Michigan SBA EIDL loans are one of the easiest ways for small business owners in Michigan to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current Michigan EIDL loan is set at 3.75%.

Also, Michigan EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.

For small businesses in Michigan, an SBA EIDL Michigan loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with MI tax credits.

Michigan Small Businesses in Need of EIDL Loan Increases or Reconsiderations

Michigan General Contractors

For general contractors in Michigan, construction contributed $21.8 billion (4.0%) of the state’s GDP of $541.6 billion. There were 706,000 construction firms in the U.S. in 2017, including 19,139 in Michigan.

The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.

Michigan Hotels and Hospitality Businesses

Owners of hotels in Michigan, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Michigan for 2021 is $583,773,888, which is down -59.8% due to the COVID pandemic and mandated shutdowns.

Michigan hotels generated $1,451,699,080 in 2019 when more people were traveling, which was +$867,925,192 more in revenue vs. 2021 Michigan Hospitality numbers.

Michigan Retail Stores

Michigan retail stores, monthly state retail sales are up 13.9% in 2021 over last year’s retail numbers for Michigan.

Michigan Restaurants

For Michigan restaurants, over 3,305 restaurant owners have received approval for $783,906,901 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

The U.S. Small Business Administration (SBA) has awarded funding through the Michigan Restaurant Revitalization Program to Michigan restaurants, bars, and other similar places of business that serve food or drink in the State of Michigan (MI).

Conclusion and Summary for the EIDL Loan Approval Process in Michigan

Hiring an EIDL Loan Advisor in Michigan allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their Michigan business.

Does Your Michigan Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?

Did you already receive a Michigan SBA EIDL loan for your Michigan business?

We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Michigan.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Michigan.

Was Your Michigan SBA EIDL Loan Denied?

Has your Michigan SBA EIDL loan been denied for your MI business?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Michigan.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Michigan.

Cover Image Credit: 123RF.com / Gstockstudio. / Disaster Loan Advisors.

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