SBA deadline is Nov. 8 for private nonprofits to apply for disaster loans related to Tropical Storm Fred

Press release from the U.S. Small Business Administration:

The U.S. Small Business Administration is reminding eligible Private Nonprofit (PNP) organizations in North Carolina of the Nov. 8 deadline to submit disaster loan applications for physical damages caused by remnants of Tropical Storm Fred on Aug. 16-18, 2021.
 
PNPs located in Ashe, Avery, Buncombe, Graham, Haywood, Jackson, Madison, Mitchell, Transylvania, Watauga and Yancey counties in North Carolina are eligible to apply. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, libraries, community centers, schools and colleges.
 
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.  The interest rate is 2 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
 
The SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs such as ongoing operating expenses to PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
SHARE
About Community Bulletin
Mountain Xpress posts selected news and information of local interest as a public service for our readers. To submit press releases and other community material for possible publication, email news@mountainx.com.

Before you comment

The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.

Leave a Reply

To leave a reply you may Login with your Mountain Xpress account, connect socially or enter your name and e-mail. Your e-mail address will not be published. All fields are required.