Emergency Loans Available for Impacted Merrimack Valley Businesses - NBC10 Boston

Emergency Loans Available for Impacted Merrimack Valley Businesses

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    Emergency Loans Available for Impacted Merrimack Valley Businesses
    Charles Krupa/AP
    Utility contractors dig up the road above natural gas lines along Dracut Street in Lawrence, Mass., Thursday, Sept. 20, 2018. Nearly 9,000 homes and businesses may be without gas for weeks as investigators continue to probe what set off the explosions last Thursday in the Merrimack Valley area serviced by Columbia Gas of Massachusetts.

    A $1 million emergency loan fund has been set up for Massachusetts businesses directly impacted by a series of natural gas explosions and fires.

    Republican Gov. Charlie Baker and officials from Lawrence, Andover and North Andover announced the fund on Friday.

    No payments and no interest will be required during the first six months of each loan made to eligible businesses. If the loan extends beyond six months, market rates would then apply.

    Businesses can begin applying for the loans on Monday and officials hope to process applications within 48 hours.

    Officials say Columbia Gas, the utility that serves the area, contributed a $250,000 loan loss reserve for the fund.

    Also Friday, Democratic U.S. Sens. Elizabeth Warren and Edward Markey said the Senate Commerce, Science and Transportation Committee had agreed to hold an oversight hearing in Massachusetts on the Sept. 13 disaster. No date was set for the hearing.

    The blasts killed one person, injured some 25 others and damaged or destroyed dozens of homes and businesses.

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