The U.S. Small Business Administration (SBA) is now making relief available to small businesses and private nonprofit (PNP) organizations in Maine that were negatively impacted by the drought which afflicted the state in September, according to a recent announcement.
Meanwhile, a separate program under the U.S. Department of Agriculture (USDA) will be providing emergency loans to Maine’s agricultural producers affected by the fall weather.
Low interest federal disaster loans through the SBA are now accessible for qualifying organizations located in parts of the state covered by the disaster declaration.
According to a press release shared by the SBA Wednesday, the counties of Androscoggin, Aroostook, Cumberland, Franklin, Kennebec, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo and York are included under this declaration.
Because of the disaster declaration issued for these areas, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster.
“The loan amount can be up to $2 million with interest rates as low as four percent for small businesses and 3.625 percent for PNPs, with terms up to 30 years,” explained the SBA. “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.”
All loan applications are due back to the agency by May 22, 2026. More information from the SBA can be found here.
[RELATED: Susan Collins Urges USDA to Provide Drought Relief to Maine’s Fruit Growers and Livestock Producers]
The SBA notes in their statement that they are unable to provide relief to agricultural producers, farmers, or ranchers, except for aquaculture enterprises, but aid has already been made available to those in the industry through the US Department of Agriculture (USDA).
Maine’s Sen. Susan Collins (R) has reached out to the USDA in early November in hopes of securing aid for those in Maine’s agricultural industry.
Several days ahead of the SBA, the USDA made its own announcement that agricultural producers in all sixteen of Maine’s counties would be eligible for federal emergency assistance loans through the agency.
“Emergency loans can be used to meet various recovery needs including the replacement of essential items such as equipment or livestock, reorganization of a farming operation, or to refinance certain debts,” explained the USDA. “FSA will review the loans based on the extent of losses, security available, and repayment ability.”
While applications for assistance in some counties will be due on May 22 of next year, others will not need to be turned in until June 1. More details can be found here from the USDA’s Farm Service Agency.
