Alabama-based nonprofit organizations have until July 5 to submit disaster loan applications to the U.S. Small Business Administration (SBA). Private nonprofits from Chambers, Colbert, Coosa, Elmore, Lauderdale, Macon, Marion, Morgan, Randolph and Tallapoosa counties may be eligible for low-interest disaster loans. The loans will cover damages incurred from the severe thunderstorms, winds and tornadoes between March 24 and 27.
If selected, private nonprofits may borrow up to $2 million from the SBA to repair or replace any damaged or destroyed real estate, machinery, equipment and inventory. The interest rate is 2.375% with terms of up to 30 years. Certain applicants may be eligible for a loan amount increase of up to 20% of their physical damages. However, this must be first verified by the SBA.
SBA is also offering Economic Injury Disaster Loans. The government agency in an online statement said the loans will help organizations meet their working capital needs, including ongoing operating expenses.
SBA also advised private nonprofits to contact their emergency manager for information on their organization. This will better determine whether the nonprofit is eligible for a Public Assistance grant from the Federal Emergency Management Agency (FEMA) or a disaster relief grant from SBA. The information will be submitted to FEMA.
Applicants can apply online or turn in their applications by mail. Applications may be obtained by calling SBA’s Customer Service Center at 800-659-2955 or by sending an email to DisasterCustomerService@sba.gov. SBA said completed applications should be mailed to its Processing and Disbursement Center at 14925 Kingsport Road in Fort Worth, Texas. For online applicants, they can submit their applications by visiting SBA’s disaster loan assistance portal.
However, this is not the only disaster loan application deadline. While applications for physical property damage must be submitted by July 5, applications for economic injuries may be submitted until Feb. 5, 2024. Readers can visit SBA’s website for more details.
