The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Alaska about the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from flooding that occurred on August 5-6, 2024.
This declaration specifically covers the City and Borough of Juneau in Alaska. The SBA's Economic Injury Disaster Loan (EIDL) program offers assistance to nonprofits providing non-critical governmental services that suffered financial losses due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs are designed for working capital needs arising from the disaster and are available even if no physical damage occurred. The loans can be used for fixed debts, payroll, accounts payable, and other expenses not covered 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," said 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 after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
The SBA urges applicants to submit their applications promptly as they will be processed in order of receipt. Assistance information is available online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov.
Completed applications must be submitted by July 16.
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