Nonprofit Disaster Loans
The US Small Business Administration has agreed to offer low-interest disaster loans to certain Private Nonprofit Organizations in the state. According to WEIS Radio, these loans are available to areas that suffered damage caused by severe storms, tornadoes, and flooding from February 19th through March 20th of this year. Organizations that may be eligible include, homeless shelters, community centers, houses of worship, and others.
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, or inventory. The interest rate is 2.75% with terms of up to 30 years. The filing deadline to submit applications for physical property damage is June 17th, 2019. For more information on the SBAs Disaster Loan, visit www.disasterloan.sba.gov.