Snowe Measure Explores Possible Assistance to Maine Small Businesses Adversely Affected by Lack of Snow

Amendment Requests Study by SBA on Economic Injury Disaster Loans

           WASHINGTON, D.C. – Citing a lack of precipitation in Millinocket and Katadin regions of Maine this past winter, Senator Olympia J. Snowe (R-Maine) today was successful in amending legislation that now directs the Small Business Administration to conduct a study on the feasibility of providing Economic Injury Disaster Loans to businesses hard hit by a lack of snow fall. 

“In Maine, many small businesses depend on the seasonal wintry conditions to sustain profitability and normal business operations.  When nature doesn’t comply, and a lack of snowfall adversely impacts ski lodges, retail shops, and snowmobiling industry, among others, these businesses struggle to make ends meet,” said Senator Snowe, Ranking Member of the Senate Committee on Small Business and Entrepreneurship.

The provision successfully offered by Senator Snowe amends the Small Business Disaster Response and Loan Improvements Act (S. 163).  The comprehensive legislation is a result of widespread complaints of mismanagement in the aftermath of Hurricanes Katrina and Rita in 2005. Despite some improvements to the program additional resources are needed to be able to swiftly and effectively respond to such disasters.  Economic Injury Disaster Loans include low interest programs that would allow Maine businesses hurt by the lack of snowfall recover and rebuild from this past winter.

“Our nation’s small businesses rely on the tourism industry to provide a significant return on investment, while bringing jobs and revenue to local their communities and states. These businesses are faced with tremendous challenges when mother nature fails to flourish with sun, snow, wind or rain.  It is critical that we think ahead, and equip Maine’s small businesses with the knowledge and tools to confront the challenges of tomorrow, so that they can create jobs and continue to strengthen our economy,” said Senator Snowe.           

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