ATLANTA, April 24, 2012 /PRNewswire-USNewswire/ -- TheU.S. Small Business Administration is reminding eligible private non-profit (PNP) organizations in West Virginia of the May 15deadline to submit disaster loan applications for damages caused by the severe storms, tornadoes, flooding, mudslides and landslides that occurred from Feb. 29 through March 5, 2012. Eligible PNPs are those that provide noncritical services such as: food kitchens, homeless shelters, museums, libraries, community centers and colleges.
The SBA offers low interest disaster loans to private non-profit organizations for physical losses up to its loan limits. Approved loans can be increased for protective measures to lessen similar future damages. Additionally, PNPs can obtain loans for unmet working capital needs. To be considered for this assistance, PNPs need to apply by the deadline.
These loans are available to PNPs located in Doddridge, Harrison, Lincoln, Marion, Mingo, Monongalia, Preston, Ritchie, Roane, Taylor and Wayne in West Virginia.
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) or by sending an email to [email protected]. 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.