Loans available for small businesses
hurt by ice storm
The U.S. Small Business Administration SBA will make available federal economic injury disaster loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and qualifying private non-profit organizations of all sizes in seven Maine counties including Aroostook that were affected by the heavy rainstorms that occurred between May 1 and Sept. 30, 2013.
U.S. Sens. Susan Collins and Angus King made the announcement recently. “We are pleased the SBA recognizes the pressing need for federal flood assistance in Maine,” they said. “The severe rain storms last summer damaged several businesses in northern and western Maine. These loans will help them get back on their feet during what has become a very difficult road to recovery.”
Loans are available for up to $2 million with interest rates at about 2.8 percent for private nonprofit organizations and 4 percent for small businesses. The SBA will determine eligibility based on the size of the applicant, type of activity and its financial resources and may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Applicants may apply online using the electronic loan application on the SBA’s website. Information and application forms may also be obtained by calling the SBA’s Customer Service Center at (800) 659-2955, (800) 877-8339 for the hearing impaired, or via email at disastercustomerservice@sba.gov. Loan applications can be downloaded from 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.
Completed loan applications must be returned to the SBA no later than Aug. 11, 2014.
