SBA Economic Injury Disaster Loans Available in Maryland Following Secretary of Agriculture Disaster Declaration

This week, the U.S. Small Business Administration announced that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations located in Caroline, Dorchester, Wicomico and Worcester Counties as a result of the excessive rain between July 28 and Sept. 2, 2017.

The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations and 3.305 percent for small businesses, with terms up to 30 years. Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela

The deadline for loan applications is June 13, 2018.