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SBA outlines disaster loans for businesses after February snowstorm
Summary
A U.S. Small Business Administration official told Smithfield councilors that businesses and nonprofits affected by the Feb. 22–24 snowstorm may apply for Economic Injury Disaster Loans up to $2 million, with first-year deferment and typical 30-year terms.
Monica Miles, a public affairs specialist with the U.S. Small Business Administration, briefed the Smithfield Town Council on disaster-loan assistance available to businesses and nonprofit organizations affected by the Feb. 22–24 snowstorm.
Miles said eligible entities may apply for Economic Injury Disaster Loans of up to $2 million to cover working-capital needs caused by the event. She described the interest rates reported in the meeting — about 4% for businesses and 3.625% for nonprofits — and noted that, in many cases, the first year carries no interest accrual and the first payment may be deferred for 12 months; the usual loan term can extend to 30 years.
Council members requested application paperwork for posting on the town website. Miles confirmed she had left flyers and offered additional materials; David Shannon, the town IT director, said the information is posted under the town website’s news section.
Those seeking assistance were directed to the SBA call center and online application resources; the transcript lists application contact details provided during the presentation.
