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Economic Injury Disaster Loans Available to Small Businesses in Massachusetts Impacted by the Boston Marathon Bombing
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 Boston Marathon Bombing on April 15, 2013.
SBA Administrator Karen Mills made the loans available following a request from Massachusetts
Gov. Deval L. Patrick on April 26 for a disaster declaration by the SBA. The declaration covers Suffolk County and the neighboring counties of Essex, Middlesex and Norfolk in Massachusetts.
“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 Mills. “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 H. 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 2.875 percent for non-profit organizations and 4 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 email@example.com. 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,
The deadline to return economic injury applications is January 27, 2014.
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