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 small businesses and 2.625 percent for non-profit organizations 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Applications and program information are available by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to email@example.com. Loan applications can also be downloaded from the SBA's website at www.sba.gov. 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 August 26, 2014.