BALTIMORE — The U.S. Small Business Administration (SBA) announced that federal Economic Injury Disaster Loans (EIDLs) are available in Maryland for small businesses, small agricultural cooperatives and small businesses engaged in aquaculture.
It's also available for most private nonprofit organizations with economic losses due to drought conditions that started on Sept. 5.
Maryland counties covered in this include Allegany, Carroll, Howard and Montgomery.
Under this declaration, the program is available to eligible farm-related and nonfarm-related organizations that suffered financial losses.
The loan can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations.
Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.
The SBA sets loan amounts and terms based on each applicant’s financial condition.
Applicants can apply here.
