THE U.S. SMALL BUSINESS ADMINISTRATION is reminding Rhode Island private nonprofit organizations that they have until Aug. 5 to apply for Economic Disaster Loans related to damaged from Hurricane Sandy.
By Carol Kim PBN Staff Writer
ATLANTA — Private nonprofit organizations in Rhode Island have until Aug. 5 to apply for Economic Injury Disaster Loans, the U.S. Small Business Administration reminded nonprofits on Friday.
The loans are intended for private nonprofits that provide non-critical services that suffered damages from Hurricane Sandy between Oct. 26 and Oct. 31, according to an SBA release.
The SBA offers Economic Injury Disaster Loans to help non-critical, private nonprofits meet working capital needs. The federal agency offers this assistance “regardless of whether the organization suffered any physical property damage,” said the agency.
Eligible, non-critical, private nonprofit organizations include community centers, colleges, food kitchens, homeless shelters, libraries and museums.
The SBA can grant loans up to $2 million at 3 percent with terms up to 30 years. The agency determines loan amounts and terms based on the financial condition of each applicant, said the release.
These Economic Injury Disaster Loans are available to non-critical, private nonprofits in the counties of Bristol, Kent, Newport and Washington. Eligible entities have one month remaining to apply.
Applicants can apply online or by mail. Online applications can be completed and submitted at SBA’s secure website at disasterloan.sba.gov.
If applying by mail, completed loan application forms should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, Texas, 76155.