Industries Banking/Finance

Deadline set for nonprofits to apply for disaster loans

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The U.S. Small Business Administration has set a Nov. 2 deadline for some nonprofits to apply for disaster loans for damages caused by Hurricane Irene.

The SBA said Friday that several Virginia cities and counties have been added to a disaster declaration list for private nonprofit organizations that do not provide critical services of a governmental nature

Examples of eligible noncritical organizations include food kitchens, homeless shelters, museums, libraries, community centers and colleges.

The disaster loan list now includes the following cities and counties:  Accomack, Alexandria City, Amelia, Brunswick, Caroline, Charles City, Chesterfield, Chesapeake, Colonial Heights, Dinwiddie, Emporia, Essex, Franklin, Greensville, Hampton, Hanover, Henrico, Hopewell, Isle of Wight, James City, Lancaster, King George, King and Queen, King William, Lunenburg, Matthews, Middlesex, New Kent, Newport News, Norfolk, Northampton, Northumberland, Nottoway, Poquoson, Portsmouth, Powhatan, Prince George,  Petersburg, Richmond (City), Richmond (County), Southampton, Suffolk, Surry, Sussex, Virginia Beach, Westmoreland, Williamsburg and York.

Nonprofits may borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory and other assets. 

The SBA also offers mitigation funds to help pay for protective measures to minimize similar damages in the future.

In addition, the agency offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. 

The SBA sets loan amounts and terms based on each applicant’s financial condition.


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