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U.S. SBA Diaster Loans Available for CT Private Non-Profit Organizations
November 4, 2024
The U.S. Small Business Administration (SBA) announced today that certain Private NonProfit organizations (PNPs) in Connecticut that do not provide critical services of a governmental nature may be eligible to apply for low-interest disaster loans for damages as a result of severe storm, flooding, landslides, and mudslides that occurred on Aug. 18-19.Eligible PNP organizations in Fairfield, Litchfield and New Haven counties may apply. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
PNP 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%, 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.
"SBA's disaster loan program offers an important advantage"the chance to incorporate measures that can reduce the risk of future damage," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. "Work with contractors and mitigation professionals to strengthen your property, and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements."
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