Private non-profit organizations in Montgomery County that experienced damage or loss during the severe winter storm that occurred December 18-20, 2009, may be eligible for low interest loans from the U.S. Small Business Administration (SBA). The loans are available following a Presidential Disaster Declaration for Public Assistance.
Non-profits 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 also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage – designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
Interest rates are as low as 3 percent with terms up to 30 years. Loan amounts and terms are set by the Small Business Administration and are based on each applicant’s financial condition. The deadline for applications is April 20, 2010 for physical property damage, and November 19, 2010 for economic injury applications.
Non-profit organizations may visit SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans. 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 hearing impaired) Monday – Friday, 8 a.m. to 6 p.m., or by sending an email to email@example.com. Applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.