Private nonprofit organizations must submit their economic injury disaster loan applications to the U.S. Small Business Association for damages caused by flooding by Aug. 14.
PNP organizations within western New York are eligible to recuperate costs incurred by flooding damages that occurred May 2-Aug. 6, 2017.
“We would like to remind all private nonprofit business within Monroe County of this impending Aug. 14 deadline,” said Cheryl Dinolfo, county executive.“As we all remember, flooding damages last summer due to overflow from Lake Ontario affected the lives and livelihoods of many Monroe County residents. The SBA is offering loans to offset many of the struggles nonprofit organizations have endured, and it is vital that our community is aware of the aid they can receive and that the deadline to apply for that aid is fast approaching.”
The SBA offers economic injury disaster loans to help eligible noncritical PNP organizations meet their working capital needs, such as ongoing operating expenses. Examples of eligible noncritical PNP organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges. This assistance is available regardless of whether the organization suffered any physical property damage.
Loan amounts can be up to $2 million with an interest rate of 2.5 percent and terms up to 30 years; the SBA sets loan amounts and terms based on each applicant’s financial condition. Applicants may apply online using the electronic loan application.
Disaster loan information and application forms are available by email or calling the SBA’s Customer Service Center at (800) 659-2955 or (800) 877-8339 for the deaf and hard-of-hearing.
Email disastercustomerservice@sba.gov or visit disasterloan.sba.gov/ela for information.