Disaster Relief Loans for CT Non-profits
Governor Ned Lamont recently announced that small businesses and nonprofit organizations in Connecticut that have been negatively impacted by the global COVID-19 outbreak are now eligible for disaster relief loans of up to $2 million from the U.S. Small Business Administration (SBA).
“Small businesses and nonprofits of all types are experiencing large, sudden drops in revenue while trying to do the right thing and give employees the flexibility they need to take care of themselves and their families,” Governor Lamont said. “One of our priorities is to help them as much we can. SBA disaster relief loans are an important tool that can help Connecticut businesses.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- Loans to businesses of all sizes and private non-profit organizations
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Learn more about the program and apply for financial assistance at www.sba.gov/disaster or call the SBA at 1-800-659-2955.Read More on WindhamArts.org