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SBA Adds Additional Parts of Maryland to Declaration; Deadline to Apply for Physical Damage Disaster Loans Is April 20
ATLANTA – The U.S. Small Business Administration announces today that Anne Arundel, Charles and Talbot counties and the Independent City of Baltimore have been added to the disaster declaration for Private Non-Profit Organizations (PNPs) that do not provide critical services of a governmental nature. The deadline to submit disaster loan applications is April 20, 2010 for damages caused by a severe winter storm and snowstorm that occurred on Dec. 18-20, 2009.
Non-Profit Organizations located in Anne Arundel, Baltimore, Caroline, Cecil, Charles, Harford, Howard, Kent, Montgomery, Queen Anne’s and Talbot Counties and the Independent City of Baltimore in Maryland are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, 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 offers mitigation funds to PNPs based on 20 percent of the verified physical damage. The intent of mitigation funds is to help borrowers pay for protective measures that minimize damages of the same kind in the future.
The SBA offers Economic Injury Disaster Loans to PNPs of all sizes to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the PNP suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Interested PNPs may obtain disaster loan information and application forms by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 6 p.m., and Saturday, 9 a.m. to 5 p.m. (EDT), or sending an email 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.
PNPs may visit SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
The filing deadline to return applications for physical property damage is April 20, 2010. The deadline to return economic injury applications is November 19, 2010.