Contact: Michael Lampton (404) 331-0333 Michael.Lampton@sba.gov
Release Number: 19-321, RI 15867
ATLANTA – The U.S. Small Business Administration (SBA) announced today, that due to a steady decrease of activity, the Business Recovery Center located in Newport, Rhode Island will cease operations on Thur., March 7 at 4 p.m. The temporary office was opened as a result of the recent Gas Outage.
Low-interest Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) are available to Rhode Island small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the Gas Outage due to Extreme Cold Temperatures on Jan. 21-29, 2019. The declaration covers Newport County and the adjacent counties of Bristol, Kent and Washington in Rhode Island, and Bristol in Massachusetts.
“I encourage anyone who has not completed their disaster loan application to visit the center before the closing to meet with a Customer Service Representative for one-on-one assistance,” said Kem Fleming, director of Disaster Field Operations Center East.
SBA’s Customer Service Representatives continue to operate at the temporary location to answer program questions and assist in applying for an SBA disaster loan.
The Center is located and open as indicated below.
Newport Harbor Hotel and Marina
(Located in Surfer’s End/Easton’s Ballroom)
49 America’s Cup Avenue
Newport, RI 02840
Hours: Monday through Friday, 9 a.m. – 6 p.m.
Closing: Thur., March 7 at 4 p.m.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on these loans are 3.74 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Applications and program information are available by calling the SBA’s Customer Service Center at
1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to a center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for economic injury is Nov. 15, 2019.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.