The Small Business Administration (SBA) has reminded Oregon private nonprofit organizations about the upcoming deadline to apply for federal disaster loans. These loans are intended to assist with property damage caused by severe winter storms, straight-line winds, landslides, and mudslides that took place from January 10 to 22. The deadline to apply is June 12.
Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, emphasized that private nonprofits providing essential services of a governmental nature are eligible for this assistance. Eligible organizations of any size can apply for federal disaster loans of up to $2 million. These loans can be used to repair or replace damaged or destroyed real estate, machinery, 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,” Sánchez said.
In addition to loans for physical damage, the SBA offers Economic Injury Disaster Loans (EIDLs). These loans aim to help eligible private nonprofits meet working capital needs caused by the disaster. EIDLs can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. Notably, economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. The deadline to apply for an SBA EIDL is January 13, 2025.
The SBA has made these loans available in several counties: Benton, Clackamas, Coos, Hood River, Lane, Lincoln, Linn, Multnomah, Sherman, Tillamook, Wasco, and the Confederated Tribes of Siletz Indians. The interest rate is set at 3.25 percent with terms extending up to 30 years. Loan amounts and terms are determined by the SBA based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. Additionally, SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Application Process
To apply for these loans, applicants can visit SBA’s Disaster Assistance website. Additional disaster assistance information is also available on the website. For further assistance, applicants can contact the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf, hard of hearing, or have a speech disability can access telecommunications relay services by dialing 7-1-1.
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