[HARTFORD, CT] – U.S. Senator Richard Blumenthal (D-CT) today highlighted that U.S. Small Business Administration (SBA) federal Economic Injury Disaster Loans are available in New London and Windham Counties to support small businesses and nonprofits suffering from economic losses due to the severe drought conditions. The Eastern Connecticut Counties received Disaster Designation through the U.S. Secretary of Agriculture last month which is granted when 30 percent production loss of at least one crop has occurred.
The SBA loans are made available in conjunction with the disaster declaration to benefit small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to drought. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Blumenthal has supported the disaster declaration for New London and Windham Countries and has called for the declaration to also include New Haven and Litchfield Counties where crop production has been greatly impacted and financial support is needed.
“Many small businesses and nonprofits desperately need immediate aid in the face of severe drought’s rippling impact throughout the economy— even as farmers bear the brunt. The SBA’s support will be critical. I’ll continue fighting for resources that enable our agricultural industry— and all businesses— to survive and thrive,” said Blumenthal.
Eligible small businesses and private nonprofit organizations can receive working capital loans of up to $2 million to pay fixed debts, payroll, accounts payable, and other bills that could have been payed if the disaster had not occurred.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17605. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or sending an email to DisasterCustomerService@sba.gov.
All applications must be submitted no later than April 24, 2023.