ATLANTA – The U.S. Small Business Administration is reminding businesses in Massachusetts that working capital loans are still available to small businesses, small agricultural cooperatives; small businesses engaged in aquaculture and private nonprofit organizations affected by the severe storms and flooding on March 2-3, 2018.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-Interest loans from the SBA are urged to do so before the Feb. 4,”said Kem Fleming, director of SBA Field Operations Center East.
Low-interest disaster loans are available in the following counties: Bristol, Middlesex, Norfolk, Plymouth, Suffolk and Worcester in Massachusetts; Providence in Rhode Island.
Working capital disaster loans up to $2 million are available at 3.58 percent for small businesses, and 2.5 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses may also obtain information and loan applications 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 emailing [email protected]. Loan applications can also be downloaded at 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.