The U.S. Small Business Administration (SBA) has reminded California private nonprofit organizations that they have until June 2, 2023, to apply for federal disaster loans for property damage caused by severe winter storms, straight-line winds, flooding, landslides, and mudslides that began on February 21, 2023. Private nonprofits providing essential services of a governmental nature are eligible for assistance.
SBA federal disaster loans of up to $2 million are available for eligible private nonprofits of any size to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also provide additional funds to help with the cost of improvements that protect, prevent, or minimize the same type of disaster damage from happening in the future.
Economic Injury Disaster Loans are offered by the SBA to help eligible private nonprofits meet working capital needs caused by the disaster. These loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. The deadline to apply for an SBA Economic Injury Disaster Loan is January 3, 2024.
These low-interest federal disaster loans are available in 15 California counties, including Alpine, Calaveras, Fresno, Kern, Kings, Los Angeles, Mariposa, Merced, Monterey, San Benito, San Bernardino, Sierra, Trinity, Tulare, and Tuolumne. The interest rate is 2.375% with terms up to 30 years, with loan amounts and terms set by SBA based on each applicant’s financial condition.
To apply, receive additional disaster assistance information, or download applications, visit https://disasterloanassistance.sba.gov/.
This article, “Deadline Approaching for California SBA Disaster Loans” was first published on Small Business Trends
Source: Small Business Trends
