SBA Deadline for Maryland Small Businesses to Apply for Working Capital Loans Affected by Severe Flooding Approaching

The deadline to apply is March 14th.

FREDERICK, MD.  (LG)  The U.S. Small Business Administration is reminding businesses in Maryland that working capital loans are still available to small businesses, small agricultural cooperatives; small businesses engaged in aquaculture and private nonprofit organizations affected by severe flooding last year.
“We are reminding those small businesses in Maryland that the deadline is coming up to apply for those working capital loans,” said Matthew Young, Public Affairs Specialist, SBA.  The deadline is March 14th.  “To small businesses and private non profit organizations that were affected.  There was severe flooding that occurred in Maryland between May 15th and the18th, 2018.”
Low-interest disaster loans are available in the following counties: Carroll, Frederick, Howard, Montgomery and Washington in Maryland; Adams and Franklin in Pennsylvania; and Loudoun in Virginia.
“Working capital disaster loans up to $2 million are available at 3.61 percent for small businesses, and 2.5 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred.  To be considered for this assistance, eligible entities need to apply by the deadline”, continued Young.
“I encourage you to apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.”
Businesses may also obtain information and loan applications 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 emailing disastercustomerservice@sba.gov(link sends e-mail). Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
By Loretta Gaines