June 15 Is SBA Deadline for Working Capital Loans to Private Non-Profit Organizations

U.S. Small Business Administration

The U.S. Small Business Administration (SBA) reminds Private Non-Profit (PNP) organizations in the U.S. Virgin Islands of the June 15th deadline to submit Economic Injury Disaster Loan applications for damages caused by Hurricane Irma on Sept. 5-7.

PNPs located on St. Croix, St. John and St. Thomas are eligible to apply.  Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges, according to a press release from SBA.

The SBA offers Economic Injury Disaster Loans to help eligible non-critical PNP organizations meet their working capital needs such as ongoing operating expenses.  This assistance is available regardless of whether the organization suffered any physical property damage.

Loan amounts can be up to $2 million with an interest rate of 2.5 percent and terms up to 30 years.   The SBA sets loan amounts and terms based on each applicant’s financial condition. To be considered for this assistance, PNPs need to apply by the deadline.

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Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or sending an email to [email protected].  Loan applications can also be downloaded from 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.

The deadline to return economic injury applications is June 15

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