The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit organizations in New Mexico of the approaching deadline to apply for federal disaster loans. These loans are intended to offset economic losses resulting from severe storms and flooding that occurred on October 19-20, 2024. The deadline for applications is August 1, 2025.
The disaster declaration includes Chaves County in New Mexico. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to private nonprofits providing non-critical governmental services that suffered financial losses directly related to the disaster. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These EIDLs address working capital needs caused by the disaster and are available even if there was no physical damage. The loans can be used for fixed debts, payroll, accounts payable, and other bills not paid 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."
The loan amount can reach up to $2 million with interest rates as low as 3.25% for private nonprofits with terms extending up to 30 years. Interest does not accrue nor are payments due until 12 months from the date of the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
The SBA encourages prompt submission of loan applications as they will be prioritized in order received. The organization remains committed to processing them efficiently.
Applicants can apply online or find additional information at sba.gov/disaster. For further assistance, applicants may call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Those who are deaf or hard of hearing can access telecommunications relay services by dialing 7-1-1.
Completed loan applications should be submitted no later than August 1.
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