According to a news release from the Small Business Administration, low-interest federal disaster loans are now available to certain private nonprofit organizations in the KMMO listening area in Benton, Cooper, Howard and Lafayette, counties following the amendment to President Trump’s July 29, 2019, major disaster declaration for Public Assistance as a result of severe storms, tornadoes and flooding that occurred April 29 – July 5, 2019.
Although the deadline to apply for a disaster loan for physical damages was Sept. 27, private nonprofits in Benton, Cooper, Howard, and Lafayette counties may apply with an explanation that they were not eligible until this Sept. 30, 2019, amendment to the declaration.
SBA may lend up to $2 million to private nonprofits to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future, may also be available.
In addition to applying for a Disaster Loan, private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Garfield said.
In the KMMO listening area, Economic Injury Disaster Loans are available in Benton, Carroll, Chariton, Cooper, Howard, Lafayette and Saline counties.
The interest rate is 2.75 percent with terms up to 30 years. The deadline to apply for economic injury is April 29, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.