Disaster loans available

Economic Injury Disaster Loans are available for businesses and nonprofits from the U.S. Small Business Administration for damage sustained in the severe storms and flooding of Dec. 17-21.

Loans are available In the Maine counties of Androscoggin, Franklin, Kennebec, Oxford, and Somerset; for economic injury only in the  contiguous Maine counties of Aroostook, Cumberland, Lincoln, Penobscot, Piscataquis, Sagadahoc, Waldo, and  York. The application filing deadline for physical damage is April 1 and for economic injury is Oct. 30.

If you are located in a declared disaster area, you may be eligible for financial assistance from the U. S. Small Business Administration.

What types of disaster loans are available?

Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the  business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. 

Economic Injury Disaster Loans – Working capital loans to help small businesses, small agricultural cooperatives, small  businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary  financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the  disaster recovery period.  

• Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal  property, including automobiles. 

Benefits of an SBA Working Capital Loan:

Up to $2 million to meet ordinary and necessary financial obligations

Low fixed interest rate with terms up to 30 years 

Automatic no payments and no interest for 12 months from the date of the first disbursement 

Apply before insurance is settled 

Unsecured up to $25,000 

What small businesses and nonprofits need to apply for  an Economic Injury Disaster Loan:

Cell phone and contact information for all applicants 

Social Security numbers and Employer Identification Numbers for all applicants/owners 

Financial information (e.g., income, account balances, monthly expenses etc.) 

Complete copy of the most recent Federal income tax return ❑ Insurance information, if available 

Three ways to apply:

Scan the QR Code 

Visit sba.gov/disaster 

Call (800) 659-2955 to locate a Recovery Center 

Questions? Call (800) 659-2955 (dial 7-1-1 to access telecommunications relay services).