The U.S. Small Business Administration (SBA) announced today that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Maine as a result of the drought that began on July 5, 2016.
This disaster declaration includes the following counties: Cumberland, Oxford and York counties located in Maine.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
For other application methods and instructions click HERE.
Completed loan applications must be returned to SBA no later than May 1, 2017.