SBA’s deadline for Physical Damage Disaster Loans is August 15

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SBA’s deadline for Physical Damage Disaster Loans is August 15

Mon, 07/18/2011 - 5:42am -- intern

The US Small Business Administration reminds eligible Private Non-Profit Organizations (PNPs) of the August 15 deadline to submit disaster loan applications for damages caused by severe storms and flooding that occurred from April 23 through May 9, 2011.
PNPs located in Addison, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orleans and Washington counties in Vermont are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNPs may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind. Economic Injury Disaster Loans are also available to PNPs to help meet working capital needs, such as ongoing operating expenses regardless of whether the entity suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Disaster loan information and application forms may be obtained by calling the SBA’s Disaster Assistance Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 am to 6 pm ET or by sending an email to disastercustomerservice@sba.gov. Applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
PNPs affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is August 15, 2011. The deadline to return economic injury applications is March 15, 2012. 
Source: www.sba.gov