PROVIDENCE – May 22 is the deadline for federal economic injury disaster loans in Bristol, Newport and Providence counties in Rhode Island following the declared Massachusetts drought that began on July 5, 2016, the U.S. Small Business Administration said Thursday.
The loans are offered to eligible small business, small business engaged in aquaculture, small agricultural cooperatives, and most nonprofits.
For Leaders Who Don't Have Time to Get Sick
Top performers guard their calendars, delegate relentlessly and optimize every hour of the day. Health,…
Learn More
“These counties are eligible because they are contiguous to one or more primary counties in Massachusetts. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” Frank Skaggs, director of SBA’s field operations center east in Atlanta, said in a statement.
The loans may be up to $2 million with a 4 percent interest rate for small businesses and 2.625 percent interest for nonprofits, both with terms up to 30 years. The SBA loan program is available to eligible small businesses farm and non-farm that suffered losses as a direct result of the 2016 drought. SBA does not provide loans to agricultural producers, farmers, or ranchers, but does cover eligible nurseries.
Applicants may apply online using the electronic loan application via SBA’s secure website.
Chris Bergenheim is a PBN staff writer.
