The low-interest loans, made available by the U.S. Small Business Administration, are for small businesses and nonprofits affected by Tropical Storm Lee.
The U.S. Small Business Administration has made low-interest disaster loans available to the Prince George’s County small businesses affected by Tropical Storm Lee. The September storm caused severe damage in Upper Marlboro, as some businesses were ravaged by floodwater.
“Although the waters have long receded, many small businesses in the county are still hurting from the damage,” County Executive said in a statement.
Eligible businesses could qualify for loans up to $2 million. The rates are 3 percent for nonprofit organizations and 4 percent for businesses. The SBA determines eligibility for the loans based on the business’ size, type, and financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
We can make things easier for those who suffered due to the Tropical Storm Lee. Do consult us if you plan to apply for the business loan from SBA. Call Us: 1.800.870.7622.