The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations in the Native Village of Kipnuk about the approaching deadline to apply for federal disaster loans. These loans are intended to help offset physical damage from a severe storm and flooding that occurred between August 16-18, 2024.
This disaster declaration affects the Lower Kuskokwim Regional Educational Attendance Area. Private nonprofits offering services of a governmental nature can apply for business physical disaster loans, with borrowing limits up to $2 million for repairing or replacing damaged real estate, machinery, equipment, inventory, and other assets.
Additionally, applicants may qualify for a loan increase of up to 20% over their verified physical damages for mitigation purposes. Possible improvements include insulating pipes and attics, weather stripping doors and windows, and installing storm windows to protect against future disasters.
Interest rates on these loans start at 3.25%, with repayment terms extending up to 30 years. Interest does not begin accruing until one year after the first loan disbursement. The SBA determines loan amounts based on each applicant's financial condition.
Economic Injury Disaster Loans (EIDLs) are also available to assist nonprofits in meeting working capital needs like fixed debts and payroll. This aid is accessible regardless of any physical property damage suffered by the organization.
The SBA advises prompt submission of applications as they will be processed in order received. More information is available at SBA.gov/disaster or through their Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1 for those who are deaf or hard of hearing.
Applications for physical property damage must be submitted by March 3, while economic injury applications have an October 1 deadline.
The U.S. Small Business Administration plays a crucial role in supporting small businesses through resources aimed at growth and recovery from declared disasters via its network of field offices and partnerships.