Governor Baker Announces Federal Small Business Recovery Loans Available

Massachusetts Governor Charlie Baker and Lieutenant Governor Karyn Polito announced that in response to the Governor’s May 12 request, the U.S. Small Business Administration has made low-interest Economic Injury Disaster Loans (EIDLs) available for Massachusetts small businesses and private non-profits impacted by this winter’s historic and unprecedented snowfall and freezing temperatures.

“The impact of unprecedented temperatures and snowfall is still being felt on main streets throughout the Commonwealth where extreme weather and crippled public transportation hindered day-to-day operations and the ability of customers and employees to get to work, frequent their local businesses or provide critical services,” said Governor Baker, in a press release. “As we continue to work with state and federal disaster officials and pursue public transit reforms, these low-interest loans are key to providing economic recovery assistance to Massachusetts’ small businesses and non-profits.”

Up to $2 million in low-interest loans for working capital needs are available to qualifying entities impacted by winter weather conditions between January 26, 2015 and February 22, 2015 in Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties, at rates of 4 % for small businesses and 2.625% for non-profit organizations with terms up to 30 years.

“After an especially trying winter with record snowfall and freezing temperatures, many of our small businesses and non-profits are still struggling to make up for the lost opportunities and activity,” said Lt. Governor Polito, in a statement. “We encourage those who are eligible to pursue the resources being made available by the Small Business Administration to aid in the recovery of the economic vitality of our cities and towns across the Commonwealth.”

Eligible organizations or businesses are encouraged to visit the SBA’s secure Electronic Loan Applicationwebsite, https://disasterloan.sba.gov/ela, to apply, or to download an application from http://www.sba.gov/.

Completed applications should be submitted no later than February 15, 2016 to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Further information and assistance is available from the SBA’s Customer Service Center:

• By Phone: 1-800-659-2955
• 1-800-877-8339 for the deaf and hard-of-hearing
• By Email: disastercustomerservice@sba.gov