Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration (SBA), has reminded private nonprofit organizations within the Morongo Band of Mission Indians that the deadline to apply for SBA federal disaster loans is June 18. These loans are intended to address property damage resulting from severe storms and flooding that occurred between January 31 and February 9.
Eligible private nonprofits, regardless of size, can apply for up to $2 million in federal disaster loans from the SBA. These funds can be used to repair or replace damaged real estate, machinery, equipment, inventory, and other business assets. Additional funds may also be available for improvements aimed at mitigating future disaster damage.
The SBA also offers Economic Injury Disaster Loans (EIDL) to help eligible private nonprofits meet working capital needs caused by the disaster. These loans can cover fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster’s impact. Notably, economic injury assistance is available even if there was no property damage. The deadline to apply for an EIDL is January 21, 2025.
The interest rate on these loans is set at 3.25 percent with terms extending up to 30 years. Loan amounts and terms are determined based on each applicant’s financial condition.
Interest on these loans does not begin to accrue until 12 months after the first disbursement date. Repayment also begins 12 months after this initial disbursement.
Applicants can apply online and find additional information at SBA.gov/disaster. Further assistance is available through SBA’s Customer Service Center at (800) 659-2955 or via email at [email protected]. Telecommunications relay services are accessible by dialing 7-1-1 for individuals who are deaf, hard of hearing, or have a speech disability.
