Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center - West today reminded California private nonprofit organizations of the May 31 deadline to apply for an SBA federal disaster loan for property damage caused by severe winter storms, flooding and mudslides that occurred Feb. 1 through 23, 2017. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
Applicants may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.
SBA low-interest federal disaster loans are available in more than 40 counties, including Stanislaus, San Joaquin, Calaveras and Tuolumne in the local area.
According to Garfield, eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until Jan. 2, 2018, to apply for an SBA economic injury disaster loan.
The interest rate is 2.5 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing email@example.com. Individuals who are deaf or hardofhearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.