SBA offers disaster assistance to Maine businesses

Low-interest disaster loans are available in Maine to small businesses, and most private, non-profit organizations of all sizes affected by the fire in Mount Desert Island on July 29, 2008, U. S. Small Business Administration SBA Acting Administrator Sandy K. Baruah has announced.

SBA Acting Administrator Baruah made the loans available in response to a letter from Maine Governor John E. Baldacci on November 24, requesting a disaster declaration by the SBA. The declaration covers Hancock County and the adjacent counties of Penobscot, Waldo, and Washington in Maine.

"The U.S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to small businesses with federal economic injury disaster loans," said Acting Administrator Baruah. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."

Eligible small businesses, and most private, non-profit organizations of all sizes may qualify for loans up to $2 million. The SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Interest rates are available at 4 percent with loan terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of the business and its financial resources. Loan amounts and terms are set by the SBA and based upon each applicant's financial condition.

"The SBA can help these small businesses, and most private, non-profit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA Disaster Loan application to us," said Maurice Dube, SBA's Maine District Director.

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 hearing impaired), Monday through Friday from 8 a.m. to 9 p.m., and Saturday and Sunday 9 a.m. to 9 p.m. EST, or by e-mailing our customer service center at disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA Web site. Completed applications should be mailed to:

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX. 76155

Victims may now apply for disaster loans from SBA's secure Web site.

The deadline to return economic injury applications is September 1, 2009.
 

You may like these other stories...

Curious as to what the fastest-growing accounting and finance jobs might be for the next several years? According to the new 2015 Salary Guide from staffing firm Accounting Principles, some of those jobs include bookkeeping...
Read more from Larry Perry here and in the Today's World of Audits archive.The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on auditing issues, including some...
Accounting group pushes back against retirement age scrutinyMichael Rapoport of the Wall Street Journal reported that the American Institute of CPAs (AICPA) on Monday pushed back against federal regulators who are again...

Already a member? log in here.

Upcoming CPE Webinars

Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.