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October 23, 2009

SBA Makes Disaster Loans Available To Mass. Businesses

By Matthew L. Brown

The U.S. Small Business Administration is making loans of up to $2 million to a variety of businesses affected by the summer's abnormally cool, wet weather.

The economic injury disaster relief loans are available to small businesses, small agricultural cooperatives and most nonprofit organizations throughout Massachusetts, with the exceptions of Nantucket and Dukes County.

The disaster declaration is intended to help farmers recover from crop damage and loss. Larger scale farmers and ranchers are not eligible for the loan program.

Loans are available with 4 percent interest rates and terms of up to 30 years. The loan amounts are set by the SBA and are based on applicants' financial condition.

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