The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for private nonprofit organizations in Missouri affected by severe weather events starting April 29. The declaration covers the counties of Barry, Greene, Lawrence, McDonald, Newton, and Washington.
Eligible nonprofits providing non-critical governmental services that suffered physical damages or financial losses due to the storms can apply for business physical damage loans and Economic Injury Disaster Loans (EIDLs). Examples include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
Nonprofits may borrow up to $2 million to repair or replace damaged real estate and equipment. A loan increase of up to 20% of verified physical damages is available for mitigation purposes. EIDLs address working capital needs caused by the disaster and are available even if no physical damage occurred.
Chris Stallings from 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 emphasized that these loans aid business owners' recovery and support local economies post-disaster.
Interest rates start at 3.62% for nonprofits with terms up to 30 years. Interest accrual and payments begin 12 months after the first loan disbursement. Loan amounts and terms will be based on each applicant’s financial condition.
The SBA urges prompt application submissions as they will be prioritized by order received. Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center at (800) 659-2955. Telecommunications relay services are available via 7-1-1 for those who need it.
Deadlines are set for August 11, 2025, for physical damage applications and March 9, 2026, for economic injury applications.