The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations in Vermont regarding the upcoming June 10 deadline for applying for federal disaster loans. These loans aim to mitigate economic losses caused by severe storms and flooding that occurred from June 22-24, 2024.
This disaster declaration affects Lamoille County. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to private nonprofits providing non-critical services of a governmental nature, with financial losses directly related to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
The EIDLs are intended for working capital needs arising from the disaster and can be accessed even if there was no physical damage. The loans can be used to cover fixed debts, payroll, accounts payable, and other bills that remain unpaid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “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 as low as 3.25% and terms extending up to 30 years. Interest does not accrue until 12 months from the date of the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial situation.
To apply online, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information about SBA disaster assistance. For those who are deaf or hard of hearing or have a speech disability, dial 7-1-1 for telecommunications relay services.
The deadline for submitting economic injury applications is June 10, 2025.