Thursday, May 28, 2015

Disaster Recovery Loans Available to Local Businesses and Non-Profits

The US Small Business Administration is making low-interest loans available to area business and community organizations which were impacted by the extremes of last winter.

“While the snow has melted and the temperatures have warmed, the financial and economic impact of a record-breaking winter continue on for businesses and non-profit organizations,” said Senate Minority Leader Bruce Tarr (R-Gloucester).  “Fortunately, they don’t have to face them alone, and the SBA can provide significant assistance on this front.”

The loans are being offered through the SBA's Economic Injury Disaster Loans (EIDL) program at 4% interest rates for small businesses and 2.625% for non-profit organizations that are unable to access credit from other non-governmental sources, loans can reach up to $2 million and be paid back over a 30 year period.

EIDL applicants who require loans greater than $25,000 are required to purchase hazard insurance and provide suitable collateral. Application forms are available for download at

For more information about the program and loan opportunities contact the SBA's Disaster Assistance Customer Service Center at 800-659-2955 or visit