WASHINGTON, DC — This week, Congressman Seth Moulton (D-MA) announced the U.S. Small Business Administration has made federal economic injury disaster loans available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes in Essex and Middlesex counties as a result of the drought. These working capital loans are intended to provided needed relief to the agricultural community and may be used to pay fixed debts and other bills that could have been paid had the drought disaster not occurred.
“This has been the worst drought Massachusetts has experienced in more than a decade,” said Moulton. “As a result, our local farmers have suffered serious losses to their summer harvest, and serious financial losses as well. These economic injury disaster loans from the Small Business Administration will provide needed relief to our agricultural community and small businesses impacted by this drought right here in the district.”
The SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition, and applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
(NOTE: The above press release is from Congressman Seth Moulton.)
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