Loan Funding Available for Area Businesses

Feb 19, 2011 Issues:

PROVIDENCE, RI – Recently at his Jobs and Economy Advisory Group meeting with area businesses and business representatives, U.S. Rep. David Cicilline (D-RI) announced useful lending resources for area businesses including relief loans for damage caused by flooding from last spring, as well as emergency loans for damage caused due to excessive heat from this past fall.  Specific information about these loans is available below. 

SBA Disaster Relief Loans (Flooding):

If your business is located in Kent, Providence or Washington Counties and was affected by the flooding that occurred last spring, you can apply for the Small Business Administration (SBA)’s Economic Injury Disaster Low-interest Loans.

These loans can be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the flooding not happened.

But the deadline to apply for these loans is February 28, 2011

So you need to visit https://disasterloan.sba.gov/ela/ to apply.

 

SBA Disaster Relief Loans (High temperatures – insufficient chill hours):

If your business is located in Kent and Providence Counties and was affected by the above-normal temperatures, resulting in insufficient chill hours for maple sap productions that occurred last spring, you can also apply for SBA’s Economic Injury Disaster low-interest Loans.

Small businesses, small agricultural cooperatives and private non-profit organizations are all eligible.  The deadline for the loan application is March 8, 2011.

To obtain applications, or apply online, visit www.sba.gov, or send an email to disastercustomerservice@sba.gov.  You can also call the SBA Customer Service Center at 800-659-2955

 

USDA Emergency Loan (Excessive Heat):

Additionally, if your business is located in Bristol, Newport or Providence Counties and you were affected by the excessive heat last June through October, you may qualify for natural disaster assistance loans from the United States Department of Agriculture (USDA).

You can call USDA Area Director for Rhode Island, Joanne Demars, at 401-826-0842 to obtain the paperwork and apply for a low-interest loan to cover part of any loss you might have taken due to the heat.

Additional assistance and loan information is available at https://disaster.fsa.usda.gov.