ATLANTA, Oct. 10, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that certain Private Non-Profit Organizations (PNPs) in Alabama that do not provide critical services of a governmental nature may be eligible to apply for low interest rate disaster loans. These loans are now available in five additional counties: Covington, Dallas, Geneva, Monroe and Perry as a result of an amendment to Presidential disaster declaration for Public Assistance. PNPs that are interested in obtaining SBA low-interest loans for physical damages caused by Hurricane Isaac between Aug. 26 and Sept. 5, 2012, should apply before the Nov. 20 deadline.
PNPs located in the following counties are eligible to apply: Baldwin, Covington, Dallas, Geneva, Mobile, Monroe, Perry and Pickens. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNP organizations 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 may increase a loan up 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.
The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to PNP organizations of all sizes. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant's financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to email@example.com. 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.
The filing deadline to return applications for physical property damage is November 20, 2012. The deadline to return economic injury applications is June 21, 2013.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Release Number: 13-016, AL 13317/13318
Contact: Michael Lampton
SOURCE U.S. Small Business Administration