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SBA Approved Economic Disaster Loans Available to Small Businesses

  • March 20, 2020

If you are a business owner experiencing financial difficulties due to the COVID-19 pandemic, Governor Whitmer has approved for a statewide Economic Injury Disaster Loan (EIDL) declaration. This opens the door for small businesses to access low-interest loans from the U.S. Small Business Administration (SBA). Governor Whitmer announced that, “This designation unlocks critical financial resources for small businesses across the state impacted by the tough, but necessary steps we have taken to mitigate the spread of Coronavirus here in Michigan.”

If you own a Michigan small business you be may eligible for a SBA loan. Details include:

    • Low-interest loans of up to $2 million are available for small businesses and private non-profits.
    • Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years. 
    • Competitive, low rates
    • Need help with the application process? Contact our Commercial Relations Officer, Iovani Lopez at 517.321.5584.

Click here to visit the official SBA Website for more information. For other assistance being offered to small businesses we encourage you to visit the MEDC website by clicking here.

As well as being an approved SBA Lender, Astera offers many business loans and services to our members such as:

    • Business Savings Accounts
    • Business Checking Accounts
    • Business Term Loans
    • Business Secured Loans
    • Commercial Real Estate Loans
    • Business Lines of Credit
    • And More!

If you are a local business owner affected by COVID-19, there is help available to you. If you are planning on applying for the SBA disaster loan, let Astera Credit Union help you with the application process by calling our Commercial Relations Officer, Iovani Lopez at 517.321.5584.

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