SBA disaster loans available following extreme May weather
The U.S. Small Business Administration (SBA) on Wednesday announced that disaster loans are available to small businesses, agricultural cooperatives and nonprofit organizations impacted by extreme temperature fluctuations, frost and hail between May 22 and May 25 of this year.
The loans are available to organizations in Worcester County, Essex County and Middlesex County. These counties are eligible because they are contiguous to New Hampshire, which was the site of a disaster declaration by the Secretary of Agriculture following the weather events in May.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the (SBA) issues a declaration to eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.
Organizations that suffered financial losses as a direct result of the weather may be eligible for up to $2 million in loans, at an interest rate of 2.6 percent, the SBA said.
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.
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