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SBA briefing: low-interest disaster loans available to Rhode Island businesses after February blizzard
Summary
An SBA representative told the council that Economic Injury Disaster Loans are available statewide for businesses and nonprofits affected by the February blizzard, with loan caps up to $2,000,000, interest rates of 4% for businesses and a March 10, 2027 application deadline.
Monica Miles, speaking for the U.S. Small Business Administration, briefed the council on available low-interest Economic Injury Disaster Loans for businesses and eligible nonprofits that sustained economic losses from the February blizzard.
Miles said the loans cover economic injury (lost revenue) rather than physical damage and outlined basic eligibility and documentation requirements, including government-issued ID, EIN, and recent federal tax returns. She said loans can be as large as $2,000,000, interest rates for businesses are 4% (3.625% for qualified nonprofits), there is no application fee, and no interest accrues during the first year. The SBA deadline to apply is March 10, 2027.
Councilors thanked the presenter and asked about terms and locked rates; Miles confirmed the loan term is typically 30 years and that the interest rate quoted is locked for the term.
