Business Services Industry

SBA Urges Private Non-Profit Organizations to Apply for Disaster Assistance for Physical Damage Before November 4; Adds Carroll County

Business Wire, Oct 22, 2008

ATLANTA -- The U.S. Small Business Administration (SBA) is reminding Private Non-Profit organizations (PNPs) in New Hampshire that do not provide critical services of a governmental nature that the filing deadline for SBA low interest rate disaster loans for physical damage is November 4, 2008. These loans are available as a result of the Presidential disaster declaration for Public Assistance resulting from damages caused by severe storms and flooding that occurred on July 24 through August 14, 2008. SBA also announces that Carroll County has been added to the declaration.

PNPs located in Belknap, Coos, Carroll and Grafton counties are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets. The SBA also offers mitigation loans to disaster victims up to 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.

For PNP organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4 percent with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

"PNP organizations are urged to contact their County Emergency Managers to obtain information about local briefings. At the meeting, PNP representatives will provide information about their organization," said Frank Skaggs, Director of SBA Field Operations Center East.

This information will be used to submit a "Request for Public Assistance" which FEMA uses to determine if the PNP provides an essential governmental service and meets the definition of a "critical facility". Based upon that conclusion, FEMA will either refer the PNP to SBA for disaster loan assistance or possibly provide a "Public Assistance" reimbursement grant for eligible costs.

Disaster loan information and application forms may be obtained by calling the SBA's Disaster Assistance Customer Service Center at 1-800-659-2955 (for the hearing-impaired 1-800-877-8339), Monday through Friday from 8 a.m. to 9 p.m., and Saturday and Sunday 9 a.m. to 9 p.m. EDT or by emailing our customer service center at disastercustomerservice@sba.gov or writing to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may also apply for disaster loans from SBA's secure website at https://disasterloan.sba.gov/ela/.> The filing deadline to return applications for physical property damage is November 4, 2008. The deadline to return economic injury applications is June 5, 2009.

For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov/services/disasterassistance.> Release Number: 09-029, NH 11426