Collins, King announce SBA disaster loans

    WASHINGTON, D.C. — U.S. Sens. Susan Collins and Angus King announced that the U.S. Small Business Administration (SBA) would make available federal economic injury disaster loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and qualifying private non-profit organizations of all sizes pursuant to the heavy rainstorms that occurred between May 1 and Sept. 30, 2013.

    Qualifying businesses and organizations must be located in the following counties to be eligible to apply:  Aroostook, Hancock, Penobscot, Piscataquis, Somerset, Waldo and Washington.
    “We are pleased the SBA recognizes the pressing need for federal flood assistance in Maine,” said Sens. Collins and King. “The severe rain storms last summer damaged several businesses in northern and western Maine. These loans will help them get back on their feet during what has become a very difficult road to recovery.”
    Loans are available for up to $2 million with interest rates at about 2.8 percent for private non-profit organizations and 4 percent for small businesses.
    The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources and may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. 
    Applicants may apply online using the Electronic Loan Application (ELA) on the SBA’s website. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from www.sba.gov/disaster.
    Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155. Completed loan applications must be returned to SBA no later than Aug. 11