The U.S. Small Business Administration (SBA) announced today that federal Economic injury Disaster Loans are available in Massachusetts for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought that began Aug. 9.
The declaration includes the counties of Barnstable, Bristol, Dukes, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester in Massachusetts; and the adjacent counties of Franklin, Hampden and Hampshire in Massachusetts; Tolland and Windham in Connecticut; Cheshire, Hillsborough and Rockingham in New Hampshire; and Bristol, Newport and Providence in Rhode Island.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and 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 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations. Repayment terms are up to 30 years. Applicants may apply online via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/, or can contact Lyle Pirnie, the North Attleboro Economic Development Coordinator for assistance in applying for the loan.. He can be reached at email@example.com.