Wednesday, April 23, 2014
The Associated Press
The Small Business Administration is making low-interest loans available for small businesses, agriculture cooperatives and aquaculture businesses in Maine.
The SBA says the federal economic injury disaster loans cover damages from flooding, excessive heat and rain, and lightning and high winds between April 1 and Oct. 31, 2013. The SBA issued the disaster declaration after the secretary of agriculture made a similar declaration for farmers.
The loan amount can be up to $2 million with interest rates of just under 2.9 percent for private non-profit organizations of all sizes. Loans for small businesses carry a 4 percent interest rate with terms up to 30 years.