SBA Offers Disaster Assistance to Maine Organizations
February 14, 2011
Augusta, Maine – The Office of the Governor has received notice that Private Non-Profit Organizations (PNPs) that do not provide critical services of a governmental nature may be eligible to apply for low interest rate disaster loans through the U.S. Small Business Administration. These loans are in available in Maine following the Governor’s disaster declaration for Public Assistance resulting from damages caused by severe storms and flooding that occurred on December 12 – 19, 2010.
PNPs located in Aroostook, Piscataquis and Washington Counties are eligible to apply to 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. Governor Paul LePage is urging any organization that was affected by the storm to reach out to SBA to find out if they can be helped. “For more than fifty years the SBA has been a great tool for small businesses that has provided the resources and the voice they need to succeed,” said Governor LePage. “These loans have interest rates as low as 3% with terms up to 30 years and can be used to make improvements that lessen the risk of property damage for future disasters.”
According to SBA 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 SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to PNP organizations of all sizes. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.
PNPs may visit SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
The filing deadline to return applications for physical property damage is April 4, 2011. The deadline to return economic injury applications is November 1, 2011.