Low-interest disaster loans available to nonprofit organizations damaged by Debby flooding

Some private nonprofit organizations in Steuben, Allegany, Broome and several other upstate counties are now eligible to apply for U.S. Small Business Administration low-interest disaster loans for damages that occurred Aug. 8-10 from the remnants of Tropical Storm Debby.

The loans are available to qualifying private non-profit organizations (PNPs)that do not provide critical services of a governmental nature. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

Eligible organizations in Allegany, Broome, Delaware, Essex, Franklin, Jefferson, Ontario, St. Lawrence, Steuben and Yates counties may apply, officials said Friday.

Officials said private nonprofit 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 interest rate is 3.25 percent, with terms up to 30 years.

Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes.

Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.

The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses for PNP organizations, officials said. Economic Injury Disaster Loans assistance is available regardless of whether the organization suffered any physical property damage.

More: Southern Tier counties get federal disaster declaration for Tropical Storm Debby flooding

PNP organizations are urged to contact their county’s Emergency Manager to provide information about their organization, officials said. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance.

For information and to apply online visit SBA.gov/disaster .

This article originally appeared on The Evening Tribune: Low-interest disaster loans available to nonprofit organizations damaged by Debby flooding