Governor Deval Patrick announced that the Small Business Administration (SBA) is making Economic Injury Loans available to the dozen Massachusetts businesses affected by fire that destroyed the commercial complex at 209 Russell Street in Hadley on Sunday, October 27, 2013. Several businesses were completely destroyed by the blaze.
Acting SBA Administrator Jeanne Hulit made the loans available following a disaster declaration request from Governor Patrick on November 20, 2013. The declaration covers Hampshire County and the neighboring Berkshire, Franklin, Hampden and Worcester counties in the Commonwealth of Massachusetts.
"I thank the SBA for their prompt approval of our request to assist in the businesses affected by the October fire in Hadley," said Governor Patrick. "These loans will help ensure that Hadley is able to recover and rebuild stronger than before."
"This federal assistance is especially welcome as we enter the holiday season," said U.S. Rep. Jim McGovern. "The small business community is the backbone of our local economy. I commend FEMA and the Patrick Administration for working so quickly to provide these needed resources."
Eligible businesses may qualify for loans up to $2 million. The SBA Economic Injury Disaster Loans help meet working capital needs caused by the disaster. The rates on these loans are 4 percent for non-profit organizations and 3 percent for small businesses with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources.