The U.S. Small Business Administration is reminding businesses in Maryland that working capital loans are still available to small businesses, small agricultural cooperatives; small businesses engaged in aquaculture and private nonprofit organizations affected by severe flooding on May 27, 2018.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-Interest loans from the SBA are urged to do so before the April 25 deadline,” said Kem Fleming, director of SBA Field Operations Center East in a press release Wednesday.
Carroll County is one of seven Maryland counties eligible for the low-interest disaster loans. Others eligible include Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince Georges counties and Baltimore City.
Loans up to $2 million are available at 3.61 percent for small businesses, and 2.5 percent for private nonprofit organizations with terms up to 30 years, according to the release. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred.
To be considered for this assistance, eligible entities need to apply by the April 25 deadline.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org.
Loan applications can also be downloaded at 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.