ATLANTA — The U.S. Small Business Administration announced today that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Caroline, Dorchester, Kent, Queen Anne’s, Wicomico and Worcester counties in Maryland as a result of the excessive rain from Sept. 29, 2016, through Oct. 10, 2016.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Applicants may apply online at disasterloan.sba.gov/ela. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-6592955 or by emailing firstname.lastname@example.org.