Deadline for SBA Disaster Loans is Feb. 20

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The following is from Director of Emergency Management Michael Meier:

Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Idaho private nonprofit organizations of the Feb. 20 deadline to apply for an SBA federal disaster loan for economic injury caused by severe storms, flooding, landslides and mudslides that occurred March 6-28, 2017. 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 Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Shoshone and Valley counties. The interest rate is 2.5 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 information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information. 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.

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