The U.S. Small Business Administration announced Wednesday that certain private nonprofits — that don’t provide critical services of a government nature — may be eligible to apply for low-interest rate disaster loans.
The loans are available to private nonprofits in Pennsylvania following a presidential disaster declaration for public assistance resulting from damages caused by severe flash-flooding on Oct. 21, according to a press release from SBA.
Private nonprofits in Bradford, Centre, Lycoming and Sullivan counties are eligible to apply, according to the press release. Examples of eligible noncritical organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
Nonprofits may borrow up to $2 million with an interest rate of 2.625 percent with terms up to 30 years, according to the release.
The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses, according to the release. Assistance is available regardless of whether the nonprofit experienced any physical property damage.
The filing deadline for physical property damage is Jan. 31, while the deadline to submit for economic injury is Sept. 5.
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