ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit organizations (PNPs) in Massachusetts of the Feb. 18 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding that occurred Sept. 11-13, 2023.
The disaster declaration covers the primary counties of Bristol and Worcester, as well as the adjacent counties of Franklin, Hampden, Hampshire, Middlesex, Norfolk and Plymouth counties in Massachusetts Tolland and Windham counties in Connecticut; Cheshire and Hillsborough New Hampshire; and in Bristol, Newport and Providence counties in Rhode Island.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs offer working capital assistance for eligible small businesses and PNPs impacted by the disaster, even if they did not sustain physical damage. Loan funds may be used to pay fixed debts, payroll, accounts payable, and other expenses that would have been met if not for the disaster.
“Working capital loans from the SBA are essential to eligible small businesses affected by the incident,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans help sustain local economies when a disaster occurs.”
The loan amounts can be up to $2 million with interest rates of 4% for small businesses and 2.375% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
SBA’s Disaster Loan Program funding was replenished via the American Relief Act, 2025, which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours of the Act being signed into law, issued more than 21,000 outstanding commitment letters (loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly understand their loan options.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov 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 deadline to return economic injury applications is Feb. 18, 2025.
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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.