(WJHL) – After a chilling winter storm swept through the Tri-Cities and caused massive damage throughout the area, the U.S. Small Business Administration (SBA) announced that low-interest loans are available for private nonprofit organizations in the region.
According to a press release from the SBA, organizations that do not provide “critical services of a governmental nature” can apply for loans that address losses sustained due to winter storms from Dec. 22-27, 2022.
Multiple counties were listed in the SBA’s announcement, including two in News Channel 11’s viewing area:
- Greene County
- Washington County
Private nonprofit services can come in a wide variety of forms, the release said, but some examples are food programs, community shelters, museums, education facilities, senior citizen centers, low-income housing and others. You can read the SBA’s full fact sheet below:
Eligible organizations can apply for up to $2 million to repair or replace real estate, machinery, equipment, inventory and other business assets at an interest rate of 2.375%. Loan terms can extend up to 30 years, and some applicants may be eligible to increase their loan amount by 20% more than their documented physical damages to fund mitigation projects.
Organizations are encouraged to reach out to each county’s emergency manager to provide application information and determine whether their service falls under the SBA’s jurisdiction.
Eligible organizations can also apply at the SBA’s website.