U.S. aid available to small firms impacted by winter
Low-interest economic injury disaster loans from the U.S. Small Business Administration (SBA) will be available to Massachusetts small businesses and nonprofit organizations affected by the record-breaking snowfall and extreme cold temperatures between Jan. 26 and Feb. 22.
U.S. Rep. James P. McGovern announced Monday that the SBA has made the loans available following a disaster declaration request from Gov. Charlie Baker on May 12.
The application deadline is Feb. 15, 2016.
The statement from McGovern’s office said eligible businesses 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 weather. The annual interest rates on these loans are 4 percent for small businesses and 2.625 percent for nonprofit organizations with terms of 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) available here.
Applications and program information maybe also be obtained 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 disastercustomerservice@sba.gov. Loan applications can also be downloaded from the SBA’s website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.
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