SBA Winter Weather Recovery Information Session for Lowell Small Businesses
Did your business suffer lost revenue as a result of Record-Breaking Snowfall and Extreme Cold Temperatures this winter?
Join the City of Lowell, Congresswoman Niki Tsongas, the Merrimack Valley Small Business Center and the Greater Lowell Chamber of Commerce to learn about possible solutions, including the SBA’s Economic Injury Disaster Loans (EIDLs) to help your small business recover from the extreme winter weather.
SBA Direct Disaster Loans up to $2 million eligible for nonprofit and for profit small businesses.
Date: Tuesday, July 21, 2015
Time: 9:00 – 11:00 AM
Location: MCC Morse Federal Building, 50 Kearney Square Lowell, MA 01852
To register for this free program please call or e-mail Erin Findlen at (978) 674-1437 or EFindlen@LowellMA.gov
Brief overview of the SBA EIDLs:
- Working capital loans to help small businesses, small agricultural cooperatives, 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.
-Applicants must have a credit history acceptable to SBA.
- Applicants must show the ability to repay the loan.
-Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.
-The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 4 percent.
SBA’s speaking presentation does not constitute or imply endorsement of any opinions, products, and/or services.
All SBA programs are extended to the public on a non-discriminatory basis. Handicapped Accessible.