ATLANTA – The U.S. Small Business Administration announced today that certain Private Non- Profit organizations in Vermont that do not provide critical services of a governmental nature may be eligible to apply for low-interest disaster loans for damages from severe storms, flooding, landslides and mudslides that began on July 7.
Eligible PNP organizations in the following Vermont counties may apply: Bennington, Orange, and Washington. 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 2.375 percent, with terms up to 30 years.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by a similar disaster.
The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses for PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
PNP organizations are urged to contact their county’s emergency manager to provide information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at www.DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 18026.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to [email protected]. Loan applications can be downloaded from the SBA’s website at www.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 submit applications for physical property damage is Sept. 12, 2023. The deadline to submit economic injury applications is April 15, 2024.
| Loan Clinic Noon Aug 2 The Small Business Administration is hosting a free webinar at noon Aug. 2 about its guaranteed loan programs. SBA guarantees loans making it easier for small businesses to get the funding by reducing lender risk. Funds can be used for most business purposes, including long-term fixed assets and operating capital. Amounts range from $500 to $5.5 million. To access the webinar, visit http://ow.ly/SNs050IsxAM (may need to copy and paste link into web browser address bar). To access the webinar by phone, call 802-490-7604 and enter code 301113174#. For more information, email [email protected]. |