SBA loan application deadline less than a month away

Local private nonprofit organizations that sustained damages as a result of the severe storms, flooding, mudslides and landslides that occurred during the two-week period from May 20 to June 8, 2011 have less than a month to submit their disaster loan applications to the U.S. Small Business Administration, the agency announced Wednesday.

In a press release, the agency said companies have until Sept. 12 to apply for loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Only businesses located in Añasco, Caguas, Camuy, Ciales, Hatillo, Las Piedras, Morovis, Orocovis, San Lorenzo, San Sebastian, Utuado, Villalba and Yabucoa are eligible for both physical and economic injury disaster loans from the SBA. Interest rates are as low as 3 percent with terms up to 30 years.

Examples of eligible organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges, the SBA said.

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