Back Bay Small Businesses, Nonprofits Eligible for Federal Loans

Low-rate federal disaster loans are available for small businesses and private nonprofit organizations in the Back Bay affected by the Boston Marathon bombing tragedy on April 15.

Gov. Deval Patrick requested that the U.S. Small Business Administration (SBA) make loans available to those businesses and nonprofits affected by the bombing, according to a report by the Boston Herald.

In the days following the bombing on Boylston Street, a 12-block area was closed as a crime scene by the FBI. The area remained closed for 10 days.

Businesses and nonprofits may qualify for 30-year working capital loans, according to the Herald, up to $2 million. The rates are 4 percent foro businesses and 2.9 percent for nonprofits, the article says.

Those wishing to take part in the loans must fill out a SBA disaster loan application, before the Jan. 27, 2014, deadline. SBA disaster specialists will also be available to work with businesses and nonprofits wishing to learn more about the loans, according to the Herald.