Deadline to Apply for Physical Damage Disaster Loans Is Oct. 31
ATLANTA, Sept. 23, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that Grand Isle County is added to the disaster declaration for Private Non-Profit Organizations (PNPs) in Vermont that do not provide critical services of a governmental nature. The deadline to submit disaster loan applications is Oct. 31, 2011 for damages caused by Tropical Storm Irene that occurred on Aug. 27 - Sept. 2, 2011.
Non-Profit Organizations located in Addison, Bennington, Caledonia, Chittenden, Essex, Franklin, Lamoille, Orange, Orleans, Rutland, Washington, Windham, Windsor and the newly added Grand Isle County in Vermont 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.
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.
Disaster loan information and application forms may be obtained by calling the SBA's 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 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.
Those 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 31, 2011. The deadline to return economic injury applications is June 1, 2012.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Michael Lampton
SOURCE U.S. Small Business Administration