Aquaculture businesses could receive SBA loans

ATLANTA – Aquaculture businesses and private nonprofits in certain Rhode Island and Massachusetts counties are now eligible to receive economic-injury disaster loans from the U.S. Small Business Administration as a result of the below-average ocean temperatures and “excessive ice” this past winter.
In Rhode Island, small businesses, small agricultural cooperatives and small businesses engaged in aquaculture located in Bristol, Newport and Providence counties are eligible. In Masscahusetts, the businesses must be located in Bristol, Norfolk and Plymouth counties.
The loan amount can be up to $2 million with interest rates of 2.625 percent for nonprofit organizations and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources, and sets loan amounts and terms.
Applicants may apply online using the Electronic Loan Application via SBA’s website at disasterloan.sba.gov/ela. •

No posts to display