WASHINGTON – Today, SBA Administrator Isabel Casillas Guzman announced that Rhode Island small businesses affected by the road closure due sudden bridge failure in Providence County on Dec. 11, 2023, and continuing may apply for low-interest, long-term Economic Injury Disaster Loans from the U.S. Small Business Administration.
Administrator Guzman made the loans available in response to a letter from Governor Daniel McKee on Dec. 14, 2023, requesting a disaster declaration by the SBA. The declaration covers Providence County and the adjacent counties of Bristol and Kent in Rhode Island, Windham in Connecticut, and Bristol, Norfolk and Worcester in Massachusetts, and applies to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations. Eligible applicants in the declared area can now apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the SBA to cover working capital needs as the community recovers.
“SBA stands ready to help Rhode Island’s small business owners impacted by the Washington Bridge closure,” said Administrator Guzman. “With today’s announcement, we stand committed to providing on-the-ground assistance federal economic injury disaster loans to help businesses and communities get the financial support they might need to recover and rebuild their neighborhood businesses.”
To assist businesses affected by the disaster, the SBA opened a Business Recovery Center (BRC) in East Providence as indicated below:
SBA Business Recovery Center (BRC)
Providence County
Weaver Library- East Providence Public Library
East Providence, RI 02914
Hours: Monday – Thursday, 9 a.m. to 6 p.m.
Friday, 9 a.m. to 5 p.m. (except for Holidays)
Saturday, 10 a.m. to 2 p.m. (except for Holidays)
Closed: Sundays
Holidays: Early closing Friday, Dec. 22, at noon for Christmas
Closed Saturday, Dec. 23, through Monday Dec. 25
Reopening for normal hours on Tuesday, Dec. 26, at 9 a.m.
Early closing Friday, Dec. 29, at noon for New Years Day
Closed Saturday, Dec. 30, through Monday Jan. 1
Reopening for normal hours on Tuesday, Jan. 2, at 9 a.m.
Customer Service Representatives will be available at the BRC to answer questions about the disaster loan program and help business owners complete their applications.
“While no amount of business preparedness could have seen something like this coming, we are happy to have been able to get this Economic Injury Disaster declaration so quickly,” said SBA District Director
Mark S. Hayward. “I want to thank Governor McKee and Mayors DaSilva and Smiley for their hard work and quick response to this situation that allowed us to ensure local small businesses will now be able to access EIDL funds and ensure they continue to thrive during this holiday season,” he continued.
Interest rates are 4 % for businesses and 2.375% for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster . Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return economic injury applications is Sept. 16, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.