SBA Deadline Approaching for Businesses to Apply for Working Capital Loans in Maine

ATLANTA - The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in Maine that Aug. 6 is the filing deadline for federal working capital loans for losses caused by the mass shooting that occurred on Oct. 25-27, 2023.

The declaration covers Androscoggin County and the adjacent counties of Cumberland, Franklin, Kennebec, Oxford and Sagadahoc in Maine. Eligible applicants in the declared area can apply for low-interest, long-term economic injury disaster loans from the SBA as the community continues to recover.

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. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers.

The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations, 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. These working capital loans may be used to pay fixed debts, payroll, account 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 and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 6592955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return economic injury applications is Aug. 6, 2024.

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About the U.S. Small Business Administration 

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.