Karen G. Mills, SBA Administrator, made loans available after receiving a request from Maryland Gov. Martin O’Malley on Dec. 1 to provide disaster assistance for ‘Lee’ victims. The declaration will cover Prince George’s County along with other counties like Anne Arundel, Charles, Calvert, Howard and Montgomery in Maryland. Independent City of Alexandria, District of Columbia and Fairfax County in Virginia are also other counties that will receive disaster loans.
A disaster loan application has to be submitted to the SBA by disaster affected small businesses. Nonprofit organizations can overcome their economic losses after receiving working capital loans. The eligible entities can qualify for grants ranging up-to $2 million. The SBA is also offering EIDLs so as to meet working capital needs that are required because of disasters like Lee. For non-profits, the interest rate is capped at 3 percent and for small businesses the rate is 4 percent with the term varying up-to 30 years. The eligibility for disaster loans is determined by SBA based on size, category and financial resources of the business.
Small Business Administration remains committed to provide effective customer focused response so as to help small businesses and non-profits in Maryland. Federal disaster loans will be made available to businesses and enterprises that operate in Maryland. The support will make it possible for organizations in Maryland to stand up and operate after Lee disaster has occurred.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org