State Sets Up Loan Fund For Businesses Hit By Gas Explosions

ANDOVER, MA -- The state has set up a $1 million fund to make emergency, interest-free loans to businesses in Lawrence, Andover and North Andover that were directly impacted by the Sept. 13 gas explosions. Loans will be interest-free for six months, after which time interest will be set at market rates. Businesses can apply for loans under the program at Enterprise Bank, Eastern Bank, TD Bank, Merrimack Valley Federal Credit Union, Jeanne D’Arc Credit Union, DCU, Pentucket Bank, Align Credit Union, The Savings Bank, and Reading Cooperative Bank beginning Monday.

In a statement announcing the fund, Gov. Charlie Baker said the idea for the fund originated in meetings he held with business owners in the days following the gas explosions. Those explosions damaged or destroyed more than 70 buildings, injured two dozen people and left one man dead. More than 8,000 homes and businesses in the three communities are still waiting for their gas service to be restored.

"Local businesses are the bedrock of our economy and are in dire need of solutions to make sure they can stay in business and continue to provide good paying jobs, and we are grateful for the regional lenders that have come together to support this important effort," Baker said.

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Patch file photo of Gov. Charlie Baker addressing the media on Sept. 14 in Lawrence.

Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).