Disaster press release AK 20971-01

SBA Offers Relief to Alaska Nonprofits Hit by October Floods

Low Interest Disaster Loans Now Available!

WASHINGTON – The U.S. Small Business Administration (SBA) announced that low interest federal disaster loans are now available to Alaska private nonprofit (PNP) organizations who sustained physical damages and economic losses from the severe storm and flooding that occurred Oct. 20–23, 2024.

The disaster declaration covers the Bering Strait Regional Educational Attendance Area (REAA) and Northwest Arctic Borough.

Under this disaster declaration, PNPs that provide services of a governmental nature are eligible to borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.  

The SBA also offers  Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for PNPs.  EIDL assistance is available regardless of whether the organization suffered any physical property damage. 

Interest rates are as low 3.25% for nonprofits, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA will set loan amounts and terms based on each applicant’s financial condition.

The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

For more information or to apply online visit 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.

The deadline to return applications for physical property damage is March 31. The deadline to return economic injury applications is Oct. 31.

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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.

Related programs: Disaster

Media contacts

Eslam M. ElFatatry