Deadline for SBA Loans for Flood Relief Assistance is December 29th

Mayor Cicilline reminds small business owners & non-profits to seek federal aid in aftermath of RI's spring floods

Mayor David N. Cicilline reminded Providence small business owners and private, non-profit heads that the deadline for applying for low-interest, U.S. Small Business Administration (SBA) loans made available in the aftermath of this year's epic floods is December 29, 2010.

According to the SBA, loans are available to those businesses and non-profit organizations that suffered economic losses as a result of the severe storms and historic floods, which occurred between March 12th and April 12th of this year. Businesses and "most private non-profit" organizations located in all counties of Rhode Island, New London and Windham counties in Connecticut and Bristol, Norfolk and Worcester counties in Massachusetts are eligible to apply.

"I would strongly urge those businesses and non-profit groups that suffered losses or were otherwise adversely affected by the spring storms and flooding to reach out to the SBA, as soon as possible, for help before their deadline approaches," said Mayor Cicilline.

Loans of up to $2 million are available for "working capital loans to pay fixed debts, payroll, accounts payable and other bills," according to SBA reports. However, the SBA loans are not intended to replace lost revenue or profit. Non-profit loans are available at 3-percent interest, and small business loans at 4-percent interest, repayable up to 30 years. Eligibility for loans is based upon size and type of business and its financial resources.

For an application or more information on these Economic Injury Loans, please contact the SBA's Customer Service at 800-659-2955 (800-877-8339 for individuals with speech or hearing disabilities) Monday through Friday 8 am to 6 pm, or via email at disastercustomerservice@sba.gov or visit www.sba.gov.