ATLANTA - The U.S. Small Business Administration (SBA) encourages small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in Vermont with economic losses due to the disaster to apply for working capital disaster loans before the deadline. SBA will continue to partner with local stakeholders to conduct webinars and workshops targeted toward businesses and non-profit organizations located in disaster-declared counties. Future events will be announced through the media. “To serve the economic interest of the community, we have an extended application timeframe of nine months from the disaster declaration, which enables businesses to assess their needs before applying for working capital loans. As the deadlines to apply approach, we urge businesses to act now,” said Francisco Sanchez Jr., associate administrator of SBA’s Office of Disaster Recovery & Resilience.
Applicants in the following counties are eligible to apply: Caledonia, Chittenden, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor counties in Vermont, where both Physical and Economic Injury Disaster Loans (EIDLs) are available. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for EIDLs: Addison, Bennington, Essex, Franklin and Grand Isle in Vermont; Franklin in Massachusetts; Cheshire, Grafton and Sullivan in New Hampshire; and Clinton, Essex and Washington in New York.
These federal Economic Injury Disaster Loan (EIDL) provide funds for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts 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. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement. 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 the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration #18017.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at 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.
The deadline to return economic injury applications is April 15, 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 www.sba.gov.