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.