ATLANTA – Rhode Island small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations affected by the Block Island hotel fire in New Shoreham that occurred on Aug. 18, 2023, may apply for low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from Rhode Island Gov. Daniel McKee on Aug. 23, requesting a disaster declaration by the SBA. Eligible applicants in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Washington County and the adjacent counties of Kent and Newport in Rhode Island; and New London County in Connecticut.
“In the aftermath of the Block Island hotel fire, we stand in solidarity with the impacted small business concerns in Rhode Island,” said Francisco Sánchez, Jr. , associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “These businesses have suffered immense economic injury, leaving them vulnerable. Recognizing the pressing need for financial assistance, we are committed to extending our support through a disaster declaration of economic injury.”
Interest rates are 4 % for businesses and 2.375 % for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
“For eligible applicants, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster,” said SBA’s Rhode Island District Director Mark Hayward.
To assist businesses affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) on Wednesday, Aug. 30, 2023. The Center will be closed Sept. 4 in observance of Labor Day. The address and hours of operation are:
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SBA Disaster Loan Outreach Center Washington County
New Shoreham Town Hall
Opening: Wednesday, Aug. 30 1 p.m. -6 p.m. ET
Open: Monday – Friday, 10 a.m. – 6 p.m. ET Saturdays, 10 a.m. – 2 p.m. ET Closed: Sundays Closed Labor Day, Monday, Sept. 4
Closing Permanently: Wednesday, Sept. 13, 2023 |
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 18109.
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 emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return economic injury applications is May 28, 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, 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 www.sba.gov.