SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to certain private nonprofit organizations in the Iditarod REAA and Yukon-Koyukuk Census Area following the amendment to President Biden’s Aug. 23, major disaster declaration for Public Assistance as a result of flooding that occurred May 12 - June 3, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
These low-interest federal disaster loans are available in Bering Strait REAA, Copper River REAA, Iditarod REAA, Kuspuk REAA, Lower Yukon REAA, Yukon Flats REAA and the Yukon‑Koyukuk Census Area.
Although the deadline to apply for a disaster loan for physical damages was Oct. 23, private nonprofits in the Iditarod REAA and Yukon-Koyukuk Census Area may apply with an explanation that they were not eligible until this Oct. 30 amendment to the declaration.
SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For certain private nonprofit organizations of any size, SBA also offers Economic Injury Disaster Loans 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.
The interest rate is 2.375 percent with terms up to 30 years. The deadline for the Iditarod REAA and Yukon-Koyukuk Census Area to apply for property damage is Dec. 29, 2023. The deadline to apply for economic injury is July 30, 2024.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online, receive additional disaster assistance information and download applications at SBA.gov/disaster. 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. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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.