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SBA’s Deadline for Physical Damage Disaster Loans in Puerto Rico for Private Non-Profit Organizations is Oct. 26

Release Date: 
Monday, October 3, 2011
Release Number: 
11 – 002, PR 12770/12771
Advisory Date: 
Monday, October 3, 2011
Advisory Number: 
Contact: 
Mark Ihenacho, 404-331-0333

ATLANTA – TheU.S. Small Business Administration reminds eligible Private Non-Profit Organizations of the Oct. 26 deadline to submit disaster loan applications for damages caused by Hurricane Irene Aug. 21 -24, 2011. SBA also added the following municipalities to: Loiza, Penuelas and San Juan.

Eligible Private Non-Profit Organizations in the following disaster municipalities may apply; Adjuntas, Aguada, Aguas Buenas, Aibonito, Anasco, Arecibo, Arroyo, Barranquitas, Bayamon,  Caguas, Canovanas, Carolina, Catano, Cayey, Ceiba, Ciales, Cidra, Coamo, Comerio, Corozal, Culebra, Fajardo, Guayama, Guaynabo, Gurabo, Humacao, JayuyaJuana Diaz, Juncos, Loiza, Las Marias,Las Piedras, Luquillo, Maricao, Maunabo Morovis, Naguabo, Naranjito, Penuelas, Orocovis,Rincon, Rio Grande, Sabana Grande, Salinas, San Juan, San Lorenzo, Santa Isabel, Trujillo Alto, Utuado, Vega Baja, Vieques, Villalba, Yabucoa and Yauco in Puerto Rico.  Examples of eligible non-critical Private Non-Profit Organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers and colleges.

Private Non-Profit Organizationsmay borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.  The SBA may increase a loanup to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.  Economic Injury Disaster Loans are also available to Private Non-Profit Organizationsto help meet working capital needs, such as ongoing operating expenses regardless of whether the entity 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 may be obtained by calling the SBA’s Disaster Assistance Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing)Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m.  ET or by sending an email to disastercustomerservice@sba.gov. Applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Private Non-Profit Organizations affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is October 26, 2011.  The deadline to return economic injury applications is May 28, 2012.

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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

Related State: 
Puerto Rico