At the city’s behest, the Small Business Administration (SBA) and Citizens Bank are offering new emergency funding products to businesses affected by the Patriots’ Day bombing of the Boston Marathon.

The SBA will offer low-interest economic injury disaster loans. Eligible businesses may qualify for loans of up to $2 million, at rates of 2.875 percent for non-profit organizations and 4 percent for small businesses, with terms up to 30 years. The SBA will work with businesses in the impacted area to determine their eligibility for these loans.

Citizens Bank is offering two products to eligible businesses: a business banking flex loan and a business credit card. The flex loan will have expedited application processing, terms of up to 60 months, and a one percent APR for the first six months of the loan. The business credit card will offer a zero percent APR on purchases for six months, with expedited application processing and overnight delivery. Both products will be offered through May 31.

The SBA will staff a business recovery center at the Boston Public Library’s Central Library in Copley Square to help eligible businesses apply for those low-interest loans.

Impacted businesses can also meet with Citizens Bank representatives at the Business Resource Center at the Citizens Bank branch at 607 Boylston St.

Emergency Funding Options Offered To Marathon Impacted Businesses

by Banker & Tradesman time to read: 1 min
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