The U.S. Small Business Administration (SBA) encourages small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in Rhode Island with economic losses due to severe storms and flooding on Jan. 9-13, to apply for working capital disaster loans before the Dec. 23 deadline.
The disaster declaration includes the following counties: Bristol, Newport, Kent, Providence, and Washington in Rhode Island; New London and Windham in Connecticut; Bristol, Norfolk, and Worcester in Massachusetts.
“Working capital loans from the SBA are essential to eligible small businesses affected by the incident,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans help sustain local economies when a disaster occurs.”
Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
The loan amounts can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.
On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA
disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return economic injury applications is Dec. 23, 2024.
