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 loan amount can be up to $2 million with interest rates of 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. “When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East. The declaration includes Kent County in Rhode Island and the adjacent counties of Bristol, Newport, Providence and Washington in Rhode Island New London and Windham in Connecticut and Bristol in Massachusetts. Small Business Administration (SBA) announced that federal Economic Injury Disaster Loans are available in Rhode Island for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought that began Aug. Market research and competitive analysisĪTLANTA - The U.S.
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