More Assistance Offered To Newport Businesses Affected By Outage

NEWPORT, R.I. -- Nearly a month after a weeklong gas outage cut service to thousands of Aquidneck Island residents, the U.S. Small Business Adminstration is offering additional assistance to local businesses.

On Tuesday, the SBA announced that it will be offering low-interest Economic Injury Disaster Loans, or EIDLs, of up to $2 million to eligible applicants with an interest rate of 3.74 percent for small businesses and 2.74 percent for nonprofit organizations, with terms up to 30 years.

SBA customer service representatives are available at the Business Recovery Center located at 49 America's Cup Blvd. to provide further information or assist with applications. Businesses can meet with representatives between the hours of 9 a.m. and 6 p.m. from Monday through Friday and between 10 a.m. and 2 p.m. on Saturdays. Business owners can also leanr more information about the program by calling 1-800-659-2955.

The loans are not intended to replace potential profits lost during the outage, rather they are meant to help pay fixed debts, payroll, and other bills that a company would have been able to pay had the outage not occurred.

Applications can be submitted online using the Electronic Loan Application on the SBA's website. Mail applications can be downloaded online and mailed to: U.S. Small BusinessAdministration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Applications must be submitted by November 15.