Town Manager Matthew Sturgis met with James Accurso, a Public Affairs Specialist with the U.S. Small Business Administration (SBA), on Tuesday, December 19, 2024 to learn more about the U.S. Small Business Administration Office of Disaster Recovery and Resilience loan program for small businesses who were affected October 25 – 27, 2023 by the mass shooting incident in Lewiston, Maine.

The SBA is offering Economic Injury Disaster Loans (EIDLs) which help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.  These working capital loans are intended to assist through the disaster recovery period.  Small business and most private organizations in Androscoggin, Cumberland, Franklin, Kennebec, Oxford, and Sagadahoc counties that suffered economic losses between October 25-27 are eligible to apply.  The deadline to apply for economic injury application is August 6, 2024.

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 interest rates are as low as 4% for businesses and 2.375% for nonprofit organizations, with terms up to 30 years.  The rate is fixed for the life of the loan.  The first payment is not due until 12 months from the date of the first disbursement and interest does not begin to accrue until 12 months from the date of the initial disbursement.

SBA has a Business Recovery Center at the Lewiston Armory located at 65 Central Avenue in Lewiston that is open six days a week to provide one-on-one assistance to businesses, answer questions about the disaster loan program and help businesses with their applications.  The hours are 9:00 a.m. to 6:00 p.m. Monday through Friday, and 10:00 a.m. to 2:00 p.m. on Saturdays.

Businesses may also apply online using SBA’s secure website at sba.gov/disaster.

There is no fee to apply or obligation to take an SBA disaster loan; however, it is important to apply before the August 6, 2024 filing deadline.

For more information, businesses can call SBA’s Customer Service Center at 800-659-2955 or send an email to disastercustomerservice@sba.gov

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.

SBA EIDL Fact Sheet