Wildfire loans available for private nonprofits | SkyHiNews.com

Wildfire loans available for private nonprofits

The Small Business Administration is reminding private nonprofits that March 16 is the deadline to apply for a federal disaster loan related to wildfire damage.

Private nonprofits of any size that provide essential services of a governmental nature are eligible for assistance, the SBA said in a release. Disaster loans up to $2 million are available to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

The SBA can lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.

The SBA also offers Economic Injury Disaster Loans to help eligible private nonprofits meet the working capital needs cause by the disasters, such as 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. Nonprofits have until Oct. 15 to apply for that loan.

The low-interest loans are available in Grand and Larimer counties. The interest rate is 2.75% with terms up to 30 years and amounts are based on each applicant’s financial condition.

Groups may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov.

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