The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Alaska of the upcoming deadline to apply for federal disaster loans following landslides that occurred on August 25, 2024. The deadline for applications is August 13, 2025.
This disaster declaration affects the Ketchikan Gateway Borough in Alaska. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible private nonprofits providing non-critical governmental services that have suffered financial losses due to the landslides. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These loans are intended to address working capital needs resulting from the disaster and are available even if there was no physical damage to the organization. The funds can be used for fixed debts, payrolls, accounts payable, and other bills not paid because of the disaster.
"SBA loans help eligible private nonprofits cover both physical as well as economic injury 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 private nonprofits get back on their feet but help them rebuild."
The maximum loan amount can reach $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement date.
Applicants are encouraged by the SBA to submit their applications promptly since they will be processed in order received. Applications can be submitted online at sba.gov/disaster or through other provided contact methods.
Completed applications must be submitted by August 13.
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