The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in the Santa Clara Pueblo of an upcoming deadline to apply for federal disaster loans. These loans aim to offset economic losses resulting from severe storms and flooding on June 20–21, 2024. The deadline for application is May 20.
The SBA has declared that the Economic Injury Disaster Loan (EIDL) program is available for nonprofits offering non-critical governmental services who faced financial losses due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, and educational institutions.
The loans are intended to cover working capital needs arising from the disaster. They can be used for expenses such as fixed debts, payroll, and accounts payable, even if the nonprofit did not incur physical damage. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery." He highlighted the importance of these loans in sustaining local economies after a disaster.
Loans can amount to up to $2 million, with interest rates starting at 3.25% and terms extending to 30 years. Interest and payments are deferred for 12 months from the first loan disbursement date. Loan amounts and terms are determined based on each applicant's financial condition.
For online applications, nonprofits can visit sba.gov/disaster. Additional information is available by calling the SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1.
Applications must be submitted by May 20.
The U.S. Small Business Administration is dedicated to empowering small business owners and entrepreneurs with the resources and support necessary for business growth and recovery from declared disasters. More information about the SBA can be found at www.sba.gov.