WASHINGTON – Low-interest economic injury disaster loans are available to Massachusetts small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations affected by the failure in the state’s commercial fishery beginning May 1, 2013.
Acting SBA Administrator Jeanne Hulit made the loans available following a request from Massachusetts Gov. Deval Patrick on Sept. 5, 2013 for a disaster declaration by the SBA. The declaration covers Essex and Plymouth counties and the neighboring Barnstable, Bristol, Middlesex, Norfolk and Suffolk counties in Massachusetts, and Hillsborough and Rockingham counties in New Hampshire.
“The Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to help small businesses and non-profits in Massachusetts with their federal disaster loans,” said Hulit. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“The SBA can help affected small businesses and non-profit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA Disaster Loan application to us,” said Robert Nelson, SBA’s Massachusetts district director.
Eligible entities may qualify for loans up to $2 million. The SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. The rates on these loans are 4 percent for non-profit organizations and 3 percent for small businesses with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Applications and program information are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to firstname.lastname@example.org. Loan applications can also be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is August 1, 2014.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.