HARTFORD, CT - Governor Dannel P. Malloy on Sunday announced that U.S. Small Business Administration (SBA) federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Hartford, Litchfield, and Tolland counties following a disaster declaration by the Secretary of Agriculture due to excessive moisture and heat in Massachusetts, from May 8, through October 20, 2013. These counties are eligible to receive these loans because they are contiguous to one or more primary counties in the state of Massachusetts.
“l would like to thank the SBA for providing the opportunity for these loans,” said Governor Malloy. “I encourage any entity in Hartford, Tolland, and Litchfield counties to apply if feel they will meet the eligibility requirements for the loan.”
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non-farm-related entities that suffered financial losses as a direct result of this disaster. With exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers
The loan amount can be up to $2 million with interest rates of 2.875 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to email@example.com. Loan applications can be downloaded from the SBA’s website at 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 October 6, 2014.