The Small Business Administration (SBA) has issued a reminder to private nonprofit organizations in Montana about the upcoming deadline to apply for federal disaster loans for economic injury caused by flooding from June 1-8, 2023. The deadline to apply is July 11, 2024. This notice was given by Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. Private nonprofits that provide essential governmental services are eligible for this assistance.

Sánchez stated that eligible private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million. These loans aim to meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Sánchez said.

These low-interest federal disaster loans are available in the following counties: Carbon, Daniels, Fergus, Garfield, Golden Valley, Musselshell, Petroleum, Phillips, Stillwater, and Treasure. The interest rate is 2.375% with terms up to 30 years. Loan amounts and terms are determined by the SBA based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first loan disbursement. Repayment of SBA disaster loans begins 12 months from the date of the first disbursement.

Applicants can apply online and receive additional disaster assistance information at SBA.gov/disaster. They may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The SBA encourages all eligible private nonprofits to apply as soon as possible to ensure they receive the necessary financial assistance. This financial support can be crucial in helping organizations recover from the economic impact of the flooding and continue providing essential services to their communities. The SBA remains committed to supporting disaster recovery efforts and helping communities rebuild and recover.

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This article, “Montana Deadline for SBA Disaster Loans Due to Flooding Approaching” was first published on Small Business Trends

Source: Small Business Trends

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