The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Rhode Island small businesses suffering substantial economic during the coronavirus outbreak. The disaster declaration makes SBA assistance available in all of Rhode Island and in New London and Windham counties in Connecticut.
Jovita Carranza, SBA administrator, said that small businesses, private nonprofit organizations of any size, small agricultural co-ops and small aquaculture enterprises that have been financially affected as a direct result of the coronavirus since Jan. 31 may qualify for loans of up to $2 million.
The interest rate is 3.75% for small businesses, and 2.75% for private nonprofits, with repayment schedules of up 30 years. Mark S. Hayward, SBA district director in Rhode Island, said, “I encourage every business or nonprofit affected to visit SBA.gov/disaster to confirm eligibility and start the loan process."
The deadline to apply for an Economic Injury Disaster Loan is Dec. 17, 2020. Applicants may apply, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email firstname.lastname@example.org for more information. Individuals who are deaf or hard of hearing may call 800-877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
For more information visit SBA.gov/coronavirus.