Small businesses and private nonprofit organizations in nine Maine counties can now apply for federal emergency disaster loans.
The U.S. Department of Agriculture recently declared Maine’s lengthy drought a natural disaster, unlocking aid for farmers.
On Tuesday, the U.S. Small Business Administration followed suit, announcing that emergency loans are available for small businesses and nonprofits located in Aroostook, Hancock, Kennebec, Knox, Lincoln, Penobscot, Somerset, Waldo and Washington counties and sustained economic losses because of the drought.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, said in a news release Tuesday. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Those eligible for the SBA’s Economic Injury Disaster Loan program can receive loans up to $2 million with interest rates as low as 4% for small businesses and about 3.6% for nonprofits. Loan totals and conditions will vary based on an applicant’s financial standing, according to the SBA.
The loans can be used for a wide variety of expenses, including debts, payroll and bills that have gone unpaid because of the drought’s effects.
Businesses and nonprofits can apply for the program online or by calling the SBA’s customer service center at 800-659-2955. The application deadline is June 1.
We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. By joining the conversation, you are agreeing to our commenting policy and terms of use. More information is found on our FAQs. You can modify your screen name here.
Comments are managed by our staff during regular business hours Monday through Friday as well as limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve.
Join the Conversation
Please sign into your CentralMaine.com account to participate in conversations below. If you do not have an account, you can register or subscribe. Questions? Please see our FAQs.