February 15, 2019
Scott Peterson, Director of Communications, Office of Public Information, 202-277-9412
Michael Lampton, U.S. Small Business Administration, 404-331-0333
ELLICOTT CITY, MD – Howard County Executive Calvin Ball is reminding businesses affected by severe flooding on May 15-20, 2018, that U.S. Small Business Administration (SBA) working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations. Businesses may apply online using SBA’s Electronic Loan Application (ELA) at DisasterLoan.sba.gov. The deadline to apply is Thursday, March 14, 2019.
“I am grateful for the support our federal partners continue to provide our small businesses to assist them with their recovery efforts,” said Ball. “I urge businesses that suffered economic losses as a result of this flooding disaster who want to apply for these low-interest loans, to do so before the March 14 deadline.”
Working capital disaster loans up to $2 million are available at 3.61 percent interest for small businesses, and 2.5 percent interest for private nonprofit organizations with terms up to 30 years. 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 deadline.
In addition to applying online using SBA’s ELA, businesses can also obtain information and loan applications by calling SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by emailing [email protected]. 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, by Thursday, March 14.