SBA Economic Injury Disaster Loans
Available in Maine
Following Secretary of Agriculture
Disaster Declaration
Release Date: Oct. 14, 2016
Contact: Michael Lampton
Release
Number: 17-047, ME 14913
Email:
Michael.Lampton@sba.gov
Phone: (404) 331-0333
ATLANTA - The U.S. Small Business Administration
announced today that federal Economic Injury Disaster Loans are available to
small businesses, small agricultural cooperatives, small businesses engaged in
aquaculture and most private nonprofit organizations located in Maine as a result of the drought that
began on Sept. 27, 2016.
The
SBA’s disaster declaration includes the following counties: Androscoggin,
Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset,
Waldo and York in Maine.
“When the Secretary of
Agriculture issues a disaster declaration to help farmers recover from damages
and losses to crops, the Small Business Administration issues a declaration to
eligible entities affected by the same disaster,” said Frank Skaggs, director
of SBA’s Field Operations Center East in Atlanta.
Under
this declaration, the SBA’s Economic Injury Disaster Loan program is available
to eligible
farm-related and nonfarm-related entities that suffered financial losses as a
direct result of this disaster. With the exception of aquaculture
enterprises, SBA cannot provide disaster loans to agricultural producers,
farmers or ranchers. Nurseries
are eligible to apply for economic injury disaster loans for losses caused by
drought conditions.
The
loan amount can be up to $2 million with interest rates of 2.625 percent for
private nonprofit organizations and 4 percent for small businesses, with terms
up to 30 years. The SBA determines
eligibility based on the size of the applicant, type of activity and its
financial resources. Loan amounts and
terms are set by the SBA and are based on each applicant’s financial
condition. These working capital loans
may be used to pay fixed debts, payroll, accounts payable, and other bills that
could have been paid had the disaster not occurred. The loans are not intended to replace lost
sales or profits.
Applicants may apply online using the Electronic
Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster
loan 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 deaf and
hard-of-hearing) or by sending an email to 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 SBA no later than June 5, 2017.
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For
more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.
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