Low-interest disaster loans now available – download fact sheet here
The U.S. Small Business Administration announced the availability of low-interest federal disaster loans to small businesses and private nonprofit organizations in Massachusetts to offset economic losses caused by a blizzard occurring Feb. 22 – 27. The disaster declaration covers the Massachusetts counties of Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth, and Suffolk, as well as the Rhode Island counties of Bristol, Newport, and Providence, which are eligible for Economic Injury Disaster Loans from the SBA.
Under this declaration, the SBA’s EIDL program is available to eligible small businesses, small agricultural cooperatives, and PNPs — including faith-based organizations — with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs, with terms of up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return economic injury application is March 12, 2027.
