The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for private nonprofit organizations in Alaska affected by severe storms and flooding from October 20 to 23, 2024. This assistance is aimed at those in the Bering Strait Regional Educational Attendance Area and Northwest Arctic Borough.
Private nonprofits that provide governmental services can borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Additionally, applicants may qualify for a loan increase of up to 20% of their physical damages for mitigation purposes. These improvements could include insulating pipes, weather stripping doors and windows, and installing storm windows.
The SBA also offers Economic Injury Disaster Loans (EIDLs) to support working capital needs such as ongoing operating expenses. This assistance is available regardless of whether an organization experienced physical property damage.
Interest rates are set at a minimum of 3.25% for nonprofits with terms extending up to 30 years. Interest accrual and payments begin one year after the first loan disbursement. Loan amounts and terms will be determined based on each applicant’s financial condition.
Applicants are encouraged by the SBA to submit their applications promptly as they will be processed in order of receipt. For further information or online applications, visit SBA.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1 for individuals who are deaf or hard of hearing.
Deadlines for returning applications are March 31 for physical property damage and October 31 for economic injury.
The U.S. Small Business Administration supports small businesses with resources necessary for growth or recovery from disasters through its network of field offices and partnerships with various organizations.