ATLANTA, June 28, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced an amendment to a declaration that makes Private Non-Profit Organizations (PNPs) in Brown County eligible to apply for disaster assistance. These loans are available because of a Presidential disaster declaration for Public Assistance as a result of the severe storms, winds and flooding between April 16 and May 5, 2013. PNPs in any of the 40 declared counties should submit their disaster loan applications for physical damage before the August 5 deadline.
PNPs located in the following counties are eligible to apply: Adams, Brown, Bureau, Carroll, Cass, Calhoun, Clark, Crawford, DuPage, Fulton, Greene, Grundy, Hancock, Henderson, Kendall, Knox, LaSalle, Lake, Lawrence, Livingston, Marshall, Mason, McDonough, McHenry, Mercer, Monroe, Morgan, Ogle, Peoria, Pike, Putnam, Rock Island, Schuyler, Scott, Shelby, Stark, Tazewell, Warren, Will and Woodford in Illinois. 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 interest rate is 2.875 percent with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant's financial condition. 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.
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 August 5, 2013. The deadline to return economic injury applications is March 6, 2014.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Michael Lampton
Release Number: 13-610, IL 13614/13615
SOURCE U.S. Small Business Administration