The U.S. Small Business Administration has approved Gov. Janet Mills request to make emergency financial assistance available to Maine businesses directly impacted by the October 25th tragedy in Lewiston.
Last week, the Mills Administration formally asked the SBA to issue an Economic Injury Disaster Loan Declaration for businesses in communities that closed in accordance with shelter-in-place orders in Lewiston, Lisbon, and Bowdoin last month as law enforcement searched for the Lewiston shooting suspect.
Low interest Economic Injury Disaster Loans of up to $2 million will be eligible to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations in Androscoggin and Sagadahoc counties, as well as the adjacent counties of Cumberland, Franklin, Kennebec, and Oxford.
From Gov. Mills:
I thank the U.S. Small Business Administration for quickly approving my request to help impacted Maine businesses. I encourage eligible Maine businesses to apply for this relief. My Administration will continue to look for additional non-loan support for businesses impacted by the tragedy in Lewiston.
SBA stands ready to help Maine’s small business owners impacted by the mass shooting in Lewiston, which tragically took lives and disrupted neighborhoods. With today’s announcement, we stand committed to providing on-the-ground assistance federal economic injury disaster loans to help businesses and communities get the financial support they might need to recover and rebuild their neighborhood businesses.
Interest rates for loans made available by the declaration are 4 percent for businesses and 2.375 percent for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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 SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The loans are not intended to replace lost sales or profits. Applicants may apply online via SBA’s secure website at sba.gov/disaster and should apply under SBA declaration #20075.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or emailing DisasterCustomerService@sba.gov.
Applications will be accepted through August 6, 2024.