Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Utah private nonprofit organizations of the Jan. 22, 2018, deadline to apply for an SBA federal disaster loan for economic injury caused by severe winter storms and flooding that occurred Feb. 7-27, 2017. 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 Box Elder and Cache counties.
The interest rate is 2.5 percent with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.