Posted by: Providence Chamber of Commerce | December 1, 2010

SBA Economic Injury Application Deadline for Rhode Island is Dec. 29

The U.S. Small Business Administration is reminding Rhode Island businesses that Economic Injury Disaster Loans are still available to small businesses and most private non-profit organizations of all sizes economically impacted by the severe storms and flooding that occurred from March 12 through April 12, 2010.

Loans up to $2 million are available to eligible entities that suffered substantial economic injury from the disaster.  Borrowers may use these working capital loans to pay fixed debts, payroll, accounts payable and other bills they could have paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits.

The interest rates on these loans are 3 percent for non-profit organizations and 4 percent for small businesses with a maximum term of 30 years.  The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower.  Eligibility for the program is based on the size and type of business and its financial resources.   

Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. ET or by sending an e-mail to disastercustomerservice@sba.gov.  Those affected by the disaster may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.  Loan applications can also be downloaded from www.sba.gov and    should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.


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