The U.S. Small Business Administration has added more counties to the disaster declaration in Indiana for a severe winter storm and snowstorm on Jan. 5 – 9, 2014. The declaration provides federal loan assistance for certain Private Non-Profit Organizations (PNP) that do not provide critical services of a governmental nature. These entities are eligible to apply for low interest rate disaster loans.
The disaster declaration now covers Blackford, Boone, Clay, Clinton, Fulton, Hamilton, Hendricks, Huntington, Jasper, Johnson, Kosciusko, LaGrange, Madison, Marion, Montgomery, Morgan, Newton, Noble, Owen, Parke, Putnam, Sullivan, Tipton, Vanderburgh, Vigo, Wabash, White and Whitley counties.
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.625 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to PNP organizations of all sizes. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.
Applicants may apply online using the Electronic Loan Application via SBA's secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to email@example.com. Loan applications can be downloaded from the SBA's website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is June 23, 2014. The deadline to return economic injury applications is January 22, 2015.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.