The Massachusetts Small Business Administration (SBA) is asking businesses in that state to apply for working capital loans as small business disaster grants are still available. Private non-profits that are affected by storm and flooding can apply for recovery funding until July 22nd. Low-interest disaster loans are available for businesses and agricultural cooperatives so that they can recover from their distressed state.
Many Massachusetts businesses suffered huge losses because of the September 5 disaster and can apply for low-interest loans from the agency. The SBA agency can be approached anytime before July 22nd for filing loan applications. EIDLs of up-to $2 million are available at 3% interest for private non-profit organizations and 4% interest for eligible small businesses. The term of the grant can extend up to 30 years. The loan granted is meant to help small businesses pay fixed debts, accounts payable, payroll and meet other expenses. The only condition is that eligible entities should apply for grants within the deadline.
EIDLs are available for private non-profit organizations and small businesses in counties such as Bristol, Norfolk and Plymouth in Massachusetts. In Rhode Island, it is available for Bristol, Newport and Providence counties.
The SBA can assist small business owners to complete grant applications over the phone. Applicants may also apply online using the SBA’s secure website.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to