The Small Business Administration is encouraging Maine small businesses and nonprofits affected by the shelter-in-place order and the mass shooting in Lewiston to apply for low-interest, long-term Economic Injury Disaster Loans.
Businesses in Androscoggin County and the adjacent counties of Cumberland, Franklin, Kennebec, Sagadahoc and Oxford are eligible.
Multiple counties are included because they may have had employees who were unable to get to work during the shelter-in-place orders or deliveries that were unable to be scheduled.
Jim Accurso, a public affairs specialist with the Small Business Administration, said it doesn’t matter if a business closure was a few hours, a few days or longer.
“So, if you have a documented loss, please come in and talk to us. There’s no fee to apply and there’s no obligation to take the loan,” he said. “One other benefit is they have a year to begin to pay back the loan and during that time there is no accrued interest.”
Interest rates are 4 percent for businesses and less than 3 percent for nonprofits, with terms up to 30 years.
Loan amounts and terms are set by the Small Business Administration and are based on each applicant’s financial condition.
For more information, call the Small Business Administration’s customer service center or visit the Small Business Recovery Center located at 415 Lisbon St., Suite 100, in Lewiston.
This article appears through a media partnership with Maine Public.
