Businesses affected by the recent natural gas outage are now being offered Low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA), according to a press release today from the City of Newport.
The loans are available to Rhode Island small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the Gas Outage Due to Extreme Cold Temperatures on Jan. 21-29, 2019.
SBA’s Customer Service Representatives will be available at a local Business Recovery Center to answer questions about the disaster loan program and help individuals complete their applications.
The Center is located at the Newport Harbor and Marina, 49 America’s Cup Avenue in Newport, Monday through Friday, 9 a.m. – 6 p.m. and Saturdays, 10 a.m. to 2 p.m.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on these loans are 3.74 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Applications and program information are available 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 www.sba.gov.
Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for economic injury is Nov. 15, 2019.