The U.S. Small Business Administration announced today certain Private NonProfit organizations (PNPs) that do not provide critical services of a governmental nature may be eligible to apply for low interest rate disaster loans. These loans are available following the Presidential disaster declaration for Public Assistance resulting from damages caused by a severe winter storm and flooding on Feb. 15 – 22, 2015.
PNPs located in the following Tennessee counties are eligible to apply to SBA: Anderson, Bedford, Bledsoe, Blount, Campbell, Clay, Coffee, Cumberland, Fentress, Giles, Grainger, Grundy, Hamblen, Hancock, Hardeman, Jefferson, Knox, Lawrence, Loudon, Marshall, McMinn, McNairy, Meigs, Monroe, Moore, Morgan, Obion, Overton, Putnam, Roane, Scott, Sevier, Van Buren, Warren and White. 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 2.625 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
The SBA also offers Economic Injury Disaster Loans to help PNP organizations meet working capital needs, such as ongoing operating expenses. 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 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. Loan applications can be downloaded from the SBA’s website atwww.sba.gov/disaster. 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 June 1, 2015. The deadline to return economic injury applications is January 4, 2016.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.