The U.S. Small Business Administration (SBA) announced that due to a “Presidential disaster declaration for Public Assistance” following the severe storms and winds that occurred between June 29 and July 2, 2012, certain private nonprofit organizations in Ohio that “do not provide critical services of a governmental nature may be eligible for low interest rate disaster loans,” according to a press release from the association. Interest rates are “as low as 3 percent with terms up to 30 years,” and these organizations may borrow up to $2 million to “repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.” Non-critical private nonprofit organizations, such as food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges, in the following counties are eligible: Adams, Allen, Athens, Auglaize, Belmont, Champaign, Clark, Coshocton, Fairfield, Franklin, Gallia, Guernsey, Hancock, Hardin, Harrison, Highland, Hocking, Jackson, Knox, Lawrence, Licking, Logan, Meigs, Miami, Monroe, Morgan, Morrow, Muskingum, Noble, Paulding, Perry, Pickaway, Pike, Putnam, Shelby, Van Wert and Washington.
The SBA also is offering Economic Injury Disaster Loans to private nonprofit organizations of all sizes for the same severe storms and winds — “regardless of whether the organization suffered any physical property damage” — to help these organizations meet working capital needs, the release said. Applications for physical property damage are due October 19, 2012, while economic injury applications are due May 20, 2013.
With regard to the drought and excessive heat that occurred from July 1 to October 18, 2011, the SBA announced that small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations must submit applications for economic injury disaster loans by September 27, 2012. These loans are available in the following counties: Butler, Darke, Defiance, Hamilton, Mercer, Paulding, Preble and Van Wert, Hannah reports. "These counties are eligible because they are contiguous to one or more primary counties in Indiana. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," said Frank Skaggs, director of SBA Field Operations Center East in Atlanta. The amount of these loans can be up to $2 million with “a 4 percent interest rate for eligible small businesses and 3 percent for nonprofit organizations, with terms up to 30 years,” the release said. For more, including how to apply for these loans, read the press release.
