SACRAMENTO, CA – Low-interest federal disaster loans are now available to certain private, nonprofit organizations (PNPs) in Clark County following the amendment to President Obama’s January 29, 2013, major disaster declaration for Public Assistance (PA) as a result of a severe winter storm on December 25 - 26, 2012, announced Karen G. Mills, Administrator of the U.S. Small Business Administration (SBA). PNPs that provide essential services of a governmental nature are eligible for assistance.
SBA disaster assistance is now available in the Arkansas counties of Clark, Garland, Grant, Hot Spring, Lonoke, Perry, Pulaski and Saline. All interested PNPs should begin the process by registering with FEMA. At the time of registration, FEMA will determine if the PNP qualifies to immediately apply for a grant from the FEMA’s PA program or will be referred to SBA to apply for a low-interest federal disaster loan.
SBA may lend PNPs 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.
For certain private, nonprofit organizations of any size, SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the PNP suffered any property damage.
Interest rates are 2.875 percent with terms up to 30 years. The filing deadline to return applications for property damage is April 1, 2013. The deadline to return economic injury applications is October 29, 2013.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659 2955, emailing firstname.lastname@example.org, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877 8339.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841