Loans available to nonprofits damaged by flooding | RecordCourier.com

Loans available to nonprofits damaged by flooding

Staff Reports

The Carson Valley during January's flooding as seen from Eagle Ridge in Genoa.

Low-interest federal disaster loans are now available to private nonprofit organizations in Nevada following President Trump's federal disaster declaration for public assistance.

The federal disaster declaration was declared as a result of the severe winter storms, flooding and mudslides that occurred Jan. 5-14. Private nonprofits who provide essential services of a governmental nature are eligible for assistance.

Small Business Association disaster assistance is now available in the counties of Carson, Douglas, Lyon, Storey and Washoe; and the Pyramid Lake Paiute Tribe, the Reno-Sparks Indian Colony and the Washoe Tribe of Nevada and California.

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 the same type of disaster damage from occurring in the future.

For certain private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help with meeting 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 can't be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the nonprofit suffered any property damage.

The interest rate is 2.5 percent with terms up to 30 years. The filing deadline to return applications for property damage is April 18. The deadline to return economic injury applications is Nov. 17.

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Applicants may apply at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA's customer service center by calling 800-659-2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard‑of‑hearing may call 800-877-8339. For disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.