ATLANTA, Oct. 14, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds eligible Private Non-Profit Organizations (PNPs) of the Nov. 14 deadline to submit disaster loan applications for physical damage in New Jersey. These loans are available as a result of a Presidential disaster declaration for Public Assistance resulting from damages caused by severe storms and flooding that occurred on Aug. 13-15, 2011.
PNPs located in the following counties that provide non-critical services of a governmental nature are eligible to apply Cumberland, Gloucester and Salem in New Jersey. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers and colleges.
PNPs 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. Economic Injury Disaster Loans are also available to PNPs to help meet working capital needs, such as ongoing operating expenses regardless of whether the entity suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Disaster loan information may be obtained by calling the SBA's Disaster Assistance 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 email 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.
PNPs 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 November 14, 2011. The deadline to return economic injury applications is June 15, 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