Deadline approaching for SBA Working Capital Loans due to wildfires
Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West recently reminded California private nonprofit organizations of the May 24, 2021, deadline to apply for an SBA federal disaster loan for economic injury caused by wildfires that occurred between Aug. 14 and Sept. 26, 2020. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to Garfield, eligible private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet 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 cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Garfield said.
These low-interest federal disaster loans are available in Lassen, Butte, Monterey, Napa, Nevada, Plumas, San Mateo, Santa Clara, Santa Cruz, Sierra, Solano, Sonoma, Stanislaus, Trinity, Tulare and Tuolumne counties.
The interest rate is 2.75 percent with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.