PRESS RELEASE
October 1, 2024
The U.S. Small Business Administration (SBA) has announced the availability of low interest loans related to storm damage caused by the remnants of tropical Storm Debby, August 8-10, 2024. Low-interest disaster loans will be made available to certain Private Non-Profit organizations (PNP) that do not provide critical services of a governmental nature. Examples of eligible PNPs include but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
Based on eligibility, loans for up to $2 million dollars could be used to repair destroyed real estate or replace damaged equipment or inventory along with other business assets. The interest rate is 3.25%, with terms up to 30 years.
Additionally, applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.
Eligible PNPs are urged to contact the Delaware County Emergency Servies Office at (607) 832-5600 or the Delaware County Planning Office (607) 832-5444 to get more information and to provide information about your organization. The information will be submitted to FEMA to determine eligibility for Public Assistance grants or whether the PNP should be referred to SBA for disaster loan assistance. All PNPs seeking SBA assistance must submit the information to Delaware County by November 8, 2024 so that it can prepared and submitted to FEMA.
The SBA is also offering Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for PNPs. EIDL assistance is available regardless of whether the organization suffered any physical property damage. If you are applying for EIDL assistance the deadline is June 24, 2025.
To register for the Applicants Briefing, please click on the registration link below.
https://meetny.webex.com/weblink/register/r8b7feff83f957ba1d5b487a8a9b6b489
For more information you can visit SBA.gov/disaster, call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
