SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Texas private nonprofit organizations of the Sept. 9, 2021, deadline to apply for an SBA federal disaster loan for economic injury caused by Hurricane Laura that occurred Aug. 23-27, 2020. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to Garfield, eligible private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Garfield said.
These low-interest federal disaster loans are available in Galveston, Jasper, Jefferson, Newton and Orange counties.
The interest rate is 2.75 with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.