SBA approves aid for Lincoln Low-interest loans to business owners aim to speed recovery

LINCOLN – The U.S. Small Business Administration has approved the governor’s request to make Lincoln business owners displaced by two devastating fires eligible for federal assistance.

Members of Maine’s congressional delegation announced the SBA’s decision Thursday. The federal approval means displaced business owners now are eligible for additional assistance under the SBA’s Economic Injury Disaster Loan Program, according to Sens. Olympia Snowe and Susan Collins and Rep. John Baldacci.

Members of the congressional delegation said the SBA will be taking applications for long-term, low-interest loans to help Lincoln business owners recover from the fires.

The delegation said the people of Lincoln have suffered a great loss and deserve prompt attention from government agencies. They said financing from the SBA should speed the recovery and rebuilding processes. They also commended SBA officials for acting swiftly.

“This is the cherry on the cream,” said Baldacci. He estimates the SBA will set up shop in Lincoln in about a week.

Earlier this week, Mary E. McAleney, Maine director of the Small Business Administration, met with business owners and gathered information needed to complete the paperwork for the special disaster declaration.

Through the SBA’s Economic Injury Disaster Loan program, businesses will be eligible for long-term loans of up to 30 years at interest rates of 3.5 percent for up to $1.5 million.

Loan proceeds can be used for lost wages and salaries, to help businesses relocate and to repair or replace damaged equipment. Applications for assistance can be filed with the SBA until Oct. 31, 2002. For more information, call the SBA at 207-622-8274. The SBA also will provide business counselors to help people re-establish businesses.

Members of the congressional delegation said assistance from the U.S. Department of Agriculture and other federal agencies also is being sought in an effort to provide resources to enable community leaders to develop and implement recovery and rebuilding plans.