Governor Healey Announces U.S. Small Business Administration Disaster Loans Available for August 8 Flood Recovery

Governor Healey Announces U.S. Small Business Administration Disaster Loans Available for August 8 Flood Recovery 

The low-interest loans are available to residents, businesses, and nonprofits in Essex County and parts of Middlesex and Suffolk Counties 

 

BOSTON – The Healey-Driscoll Administration announced today that, following a request by the Governor, the U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans. Massachusetts homeowners, renters, businesses, and nonprofit organizations suffering substantial damage or economic injury not covered by insurance as a result of severe storms and flooding on August 8 can apply for a home, business physical, or economic injury disaster loan. The disaster declaration makes SBA assistance available in Essex County, as well as contiguous Middlesex, and Suffolk Counties.  

 

“Our administration continues to pursue every available form of support for communities affected by this summer’s significant flooding, including these low-interest loan opportunities,” said Governor Maura Healey. “We're grateful for the responsiveness of our partners at every level of government, especially public safety officials at the Massachusetts Emergency Management Agency. We want Massachusetts communities to know that we understand the devastating impacts of these floods and we will keep working to deliver them relief.”  

 

“Thank you to the SBA for offering low interest, emergency loans to communities impacted by the severe weather and floods that occurred on August 8,” said Lieutenant Governor Kim Driscoll. “Our administration remains deeply committed to working alongside our federal, state and local partners to support communities with access to much-needed resources as rebuilding and recovery continues.” 

 

The low interest disaster loans available through the SBA declaration include: 

 

· Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are also eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. 

· Economic Injury Disaster Loans (EIDL): Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. 

· Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. 

 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. 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. 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.  

 

To assist prospective applicants and facilitate needed support, the SBA will open Disaster Loan Outreach Centers beginning Monday, September 25, in North Andover, and the following week in Lawrence. Customer service representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process, and help each individual complete their electronic loan application. Applications will subsequently be reviewed by SBA to determine if the applicant is qualified for the loan. The deadlines to apply for physical loans and economic injury loans are November 20, 2023, and June 20, 2024, respectively. 

 

Disaster Loan Outreach Centers location and operating hours are available on the flood recovery website developed by the Healey Administration in response to several severe flooding events this year across Massachusetts.