DredgeWire Obtains New US Govt Loan info for dredging industry

DredgeWire exclusive

DredgeWire has obtained new information about small ($150,000 and under) emergency loans granted to US companies involved in the dredging industry.

After Congress in early March deemed the coronavirus outbreak a disaster, that allowed businesses to access to the Economic Injury Disaster Loans program (EIDL) administered by the Small Business Administation.

The federal program offers loans of up to $2 million that can be used for fixed debts, payroll, accounts payable and other bills. Disaster loans carry an interest rate of 3.75%.

The expectation is that the loans will be forgiven, just as with PPP.

Under a federal judge’s order, the SBA recently released data for just under 4 million transactions worth between $100 and $900,000. Those loans total about $200 billion.

DredgeWire found a small number of borrowers in the dredging industry as shown below with total loans just over $1mm. By contrast, as recently disclosed by DredgeWire, (PPP Loans) about 40 dredging industry borrowers received about $65mm of PPP loans.

The federal program offers loans of up to $2 million that can be used for fixed debts, payroll, accounts payable and other bills. Disaster loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. The program is more commonly opened to provide relief in targeted geographies in response to incidents like natural disasters. Under a federal judge’s order, the SBA recently released loan-level data that covers lending through mid-November. The figures cover about 3.77 million transactions; ultimately, about 3.7 million loans worth between $100 and $900,000 each were approved, according to the data. Those loans total about $197.66 billion.