August 24, 2021
Governor Janet Mills is encouraging small businesses in several Maine counties to apply for New Affordable Economic Injury Loans (EIDL) through the US Small Business Administration (SBA). Farm-related businesses in Androskoggin, Arostuk, Franklin, Kennebec, Oxford, Penobscot, Piskatakis, Somerset and Waldo counties that suffered financial losses as a result of the drought that began in Maine on 22 June.nd are eligible for low-interest loans from the SBA, the agency announced today.
“Maine experienced one of the hottest and driest weather conditions on record this summer, resulting in droughts that have damaged crops for many local farmers.” said Governor Mills. “I urge any Maine business affected by drought in their respective counties to check if they are eligible for an Economic Loss Small Business Association loan and apply for Direct Financial Assistance today.”
According to this statement, eligible companies can apply for an Economic Disaster Disaster Loan (EIDL) loan of up to $ 2 million at an interest rate of 2.88 percent for small businesses and 2 percent for private nonprofit organizations of all sizes for up to 30 years. The SBA determines eligibility based on the applicant’s size, business and financial resources. Loan amounts and conditions are set by the SBA and are based on the financial condition of each applicant. These working capital loans can be used to pay fixed debts, wages, payables, and other bills that might have been paid if the disaster hadn’t happened. Loans are not intended to replace lost sales or profits.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by emailing DisasterCustomerService@sba.gov… Loan applications can be downloaded from sba.gov/disaster… Completed applications should be sent to the United States Small Business Administration, Funds Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Eligible organizations must submit completed loan applications to the SBA no later than April 13, 2022.