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...

Individuals interested in reviewing the proposed 2015 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments....
Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.