SBA Economic Injury Disaster Loans Available in Rhode Island Following Secretary of Agriculture Disaster Declaration for Drought Beginning Sept. 29

​Disaster Field Operations Center East
Release Date: Oct. 22, 2020 Contact: Michael Lampton (404) 331-0333
[email protected]
 
SBA Economic Injury Disaster Loans Available in Rhode Island Following Secretary of
Agriculture Disaster Declaration for Drought Beginning Sept. 29

​The U.S. Small Business Administration announced today that Economic Injury Disaster
Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in
aquaculture, and private nonprofit organizations in Providence County in Rhode Island as a result of
drought that began on Sept. 29, 2020.
 
“This county is eligible because it is contiguous to one or more primary counties in Massachusetts. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Michael Lampton, acting director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farmrelated and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers,
farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses
caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations of all sizes, 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, accounts 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 using the Electronic Loan Application (ELA) via SBA’s secure website at
DisasterLoan.sba.gov and should apply under SBA declaration # 16733, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer
Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. Loan applications can be downloaded from 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.
Submit completed loan applications to SBA no later than June 15, 2021.