SBA’s Deadline for Physical Damage Disaster Loans for Private Non-Profit Organizations is February 8
ATLANTA – The U.S. Small Business Administration reminds eligible Private Non-Profit Organizations (PNPs) of the February 8, 2010, deadline to submit disaster loan applications for damages caused by severe storms and flooding associated with Tropical Depression Ida and a Nor’easter that began on Nov. 11, 2009.
Private Non-Profit Organizations (PNPs) located in the counties and independent cities of Chesapeake City, Halifax, Hampton City, Isle of Wight, King and Queen, Newport News City, Norfolk City, Northampton, Poquoson City, Portsmouth City, Surry and Virginia Beach City in the Commonwealth of Virginia are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Eligible PNPs are those that provide non critical services such as: food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNPs may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA also provides mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
The SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses for PNP organizations of all sizes. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Disaster loan information and application forms may be obtained by calling the SBA’s Disaster Assistance Customer Service Center at 800-659-2955 (for the hearing-impaired 800-877-8339) Monday through Friday from 8 a.m. to 6 p.m. (EST) or by sending an e-mail to firstname.lastname@example.org. Applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is February 8, 2010. The deadline to return economic injury applications is October 9, 2010.