(WGGB) — Mass. Governor Deval Patrick has announced that assistance is being made available to business owners that were impacted by a massive fire in Hadley last month.
On Sunday, October 27, fire tore through a strip mall along Route 9 in Hadley and destroyed many of the businesses that were housed there.
Following a disaster declaration request from the Governor on November 20, acting Small Business Administrator Jeanne Hulit is making Economic Injury Loans available.
These loans will help meet working capital needs caused by the fire.
“I thank the SBA for their prompt approval of our request to assist in the businesses affected by the October fire in Hadley. These loans will help ensure that Hadley is able to recover and rebuild stronger than before,” Patrick says in a statement.
U.S. Rep. Jim McGovern adds, “This federal assistance is especially welcome as we enter the holiday season. The small business community is the backbone of our local economy. I commend FEMA and the Patrick Administration for working so quickly to provide these needed resources.”
Loans can be made to eligible businesses for up to $2 million. The rates will either be four percent for a non-profit organization or three percent for a small business, with a term of 30 years.
Eligibility will be determined based on the size and type of business, and its financial resources.
Applications can be submitted online. Information and applications can also be obtained by phone at (800) 659-2955, or (800) 877-8339 for deaf and hard-of-hearing people, as well as by email to email@example.com.
Completed paper applications can be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for applications is August 26, 2014.
The cause of the fire remains under investigation by Hadley Fire and the office of the State Fire Marshal.