Loans Available to Help Those in Winthrop Recover from March Nor'easter

Chief Terence M. Delehanty announces that loans are available to Winthrop citizens affected by a March nor'easter this past winter.

Gov. Charlie Baker requested and secured a disaster declaration for six counties from the Federal Emergency Management Agency, including Suffolk County. Businesses, nonprofit organizations and individuals are now able to take out low-interest disaster relief loans provided by the federal government in order to repair damages done by the nor'easter on March 2-3, which caused more than $20 million worth of damage in Massachusetts.

Businesses and nonprofits are able to borrow up to $2 million to repair or replace real estate, equipment, inventory and other assets. Interest rates as low as 3.58 percent are available for businesses and 2.5 percent for nonprofits.

Homeowners and renters can seek loans of up to $200,000 to repair or replace damaged or destroyed residences. Interest rates can be as low as 1.813 percent for homeowners and renters with terms up to 30 years.

For more information or to apply for relief, visit the U.S. Small Business Administration online, call the SBA’s customer service center at 800-659-2955 or send an email.