The U.S. Small Business Administration (SBA) is notifying eligible private nonprofit organizations in Missouri of the upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from severe weather events that occurred between May 19 and May 27, 2024.
The affected areas include Barry, Bollinger, Butler, Carter, Howell, Madison, McDonald, New Madrid, Oregon, Reynolds, Ripley, Scott, Shannon, Stoddard and Texas counties. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to nonprofits providing non-critical governmental services that experienced financial setbacks due to the disaster. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers and educational institutions.
EIDLs offer working capital support for organizations impacted by the disaster and are available even if no physical damage occurred. The funds can be used for fixed debts and other unpaid bills due to the storm.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said Chris Stallings from the SBA's Office of Disaster Recovery and Resilience. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue nor are payments required until 12 months post-disbursement. Loan conditions are determined based on each applicant's financial status.
The SBA advises applicants to submit their applications promptly as they will be processed in order of receipt. Applications must be submitted by April 23.
To apply or seek more information on SBA disaster assistance visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov.