The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are now available to private nonprofit organizations in North Dakota affected by wildfires and straight-line winds on October 5-6, 2024. This disaster declaration includes McKenzie and Williams counties.
Nonprofits providing services of a governmental nature can apply for physical disaster loans, with borrowing limits up to $2 million to cover repairs or replacements of damaged real estate, machinery, equipment, inventory, and other business assets. Applicants might qualify for an increase in their loan amount by up to 20% of the physical damages verified by the SBA for mitigation purposes. Mitigation improvements could include insulating pipes, weather stripping doors and windows, and installing storm windows.
Additionally, the SBA is offering Economic Injury Disaster Loans (EIDLs) to support working capital needs like ongoing operating expenses for these organizations. Notably, EIDL assistance is accessible even if there was no physical property damage.
Interest rates for these loans start at 3.25% for nonprofits with repayment terms extending up to 30 years. Interest accrual and payments begin 12 months after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial condition.
The SBA urges applicants to submit their applications promptly as they will be processed in the order received. The agency emphasizes its commitment to efficient processing.
To apply online, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for more information on disaster assistance options. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Economic injury applications must be submitted by September 24.
###