Economic Injury Disaster Loans Available to Small Businesses in Massachusetts Due to Record-breaking Snowfall and Extreme Cold Temperatures

May 18, 2015, 15:42 ET from U.S. Small Business Administration

WASHINGTON, May 18, 2015 /PRNewswire-USNewswire/ -- Low-interest economic injury disaster loans from the U.S. Small Business Administration (SBA) are available to Massachusetts small businesses, small agricultural cooperatives, small aquaculture businesses and private non-profit organizations affected by the record-breaking snowfall and extreme cold temperatures between Jan. 26, 2015 and Feb. 22, 2015.  

SBA Administrator Maria Contreras-Sweet made the loans available following a disaster declaration request from Massachusetts Gov. Charles D. Baker on May 12.  The declaration covers Middlesex, Norfolk, and Plymouth counties and the adjacent counties of Barnstable, Bristol, Essex, Suffolk and Worcester in Massachusetts; Hillsborough in New Hampshire; and Providence in Rhode Island.

"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 Contreras-Sweet.  "Getting 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 4.00 percent for small businesses and 2.625 percent for non-profit organizations 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 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 Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is February 15, 2016.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Release Number: 15-240 MA 14312

Contact: Michael Lampton
Email: Michael.Lampton@sba.gov
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration



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