The U.S. Small Business Administration (SBA) is notifying private nonprofit organizations in Missouri of the approaching deadline to apply for federal disaster loans. These low-interest loans are intended to mitigate physical damage from severe winter storms, straight-line winds, tornadoes, and flooding that occurred between March 30 and April 8.
This disaster declaration includes several counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Douglas, Dunklin, Howell, Iron, Madison, Maries, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Reynolds, Ripley, Scott, Shannon Stoddard Texas Vernon Wayne Webster.
Eligible private nonprofits that provide governmental-type services can apply for business physical disaster loans up to $2 million. These funds may be used to repair or replace damaged real estate and equipment.
Loan applicants may also qualify for an increase of up to 20% of their verified physical damages for mitigation purposes. Improvements such as insulating pipes or installing storm windows could be included in these mitigation efforts.
Chris Stallings from the SBA emphasized the benefits of this program: "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage."
Private nonprofits may also seek Economic Injury Disaster Loans (EIDLs) to address working capital needs like payroll and other expenses. This assistance is available even if there was no physical property damage.
Interest rates on these loans start at 3.62%, with terms extending up to 30 years. Interest does not begin accruing until a year after the first disbursement.
The SBA urges prompt application submission as they will process applications based on receipt order. Online applications can be submitted at sba.gov/disaster or through contact via phone or email for further assistance.
Physical damage applications are due by July 22 while economic injury applications have a deadline set for February 23 next year.