SCORE

Federal Drought Assistance in RI, MA, CT

Locations:
Rhode Island: Counties of Bristol, Newport, Providence, Washington and Kent
Massachusetts: Counties of Bristol, Norfolk and Worcester
Connecticut: Counties of Windham and New London

Drought Incident Period: 08/09/2022 and continuing.

Disaster Loan Assistance Available: Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

The 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 loans are not intended to replace lost sales or profit. 

Loan amounts: The law limits EIDLs to $2,000,000. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit.

Interest Rates: The maximum interest rate for this program is 3.04 percent. Some Non-profit rates are lower.

Application Filing Deadline: April 17, 2023

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

SCORE volunteers are available to assist you with any of these opportunities. Feel free to reach out to your local SCORE chapter at www.score.org or call 401-226-0077.

For more than 50 years, SCORE has helped more than 11 million aspiring entrepreneurs and small business owners through mentoring and business workshops. More than 11,000 volunteer business mentors in more than 300 chapters serve their communities.  

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About the Author(s)

 Jim  Mutschler

Jim Mutschler is a RI SCORE Small Business Mentor, recently retired from regional and national operations management roles for a Fortune 100 company, with decades of service to non-profit and community organizations.

SCORE Rhode Island

Key Topics

Disaster Loan Assistance