OMAHA, Neb. (KMTV) — Low-interest federal disaster loans are now available to some private nonprofit organizations in Nebraska and Iowa.
The loans are available following President Trump's federal disaster declaration for Public Assistance due to flooding in the area. Private nonprofits providing essential services of a governmental nature are eligible for assistance, a press release from the U.S. Small Business Administration (SBA) says.
SBA may lend up to $2 million to private nonprofits to repair or replace damaged or destroyed machinery/equipment, real estate, inventory and other business assets. SBA can additionally lend funds to help with the cost of improvements to protect, prevent or minimize similar disaster damage from happening in the future.
Some private nonprofits could be eligible for Economic Injury Disaster Loans, designed to help with meeting working capital needs caused by the flooding. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that are unable to be paid due to the impact of the disaster.
Economic injury assistance is available whether or not the nonprofit suffered any property damage. The interest rate is 2.75% with terms up to 30 years.
The deadline to apply for property damage is June 4, 2019. The economic injury deadline is Jan. 6, 2020.
Applicants may apply online and learn more information about assistance here.
The low-interest federal disaster loans are available in the following Iowa and Nebraska counties:
Buena Vista, Cherokee, Crawford, Dallas, Franklin, Fremont, Greene, Harrison, Ida, Jasper, Lyon, Marshall, Mills, Monona, Polk, Pottawattamie, Shelby, Sioux, Winneshiek and Wright.
Adams, Antelope, Blaine, Boone, Box Butte, Boyd, Buffalo, Burt, Butler, Cass, Cedar, Colfax, Cuming, Custer, Dakota, Dixon, Dodge, Douglas, Fillmore, Frontier, Furnas, Gage, Garfield, Gosper, Greeley, Hall, Holt, Howard, Jefferson, Johnson, Knox, Lancaster, Logan, Loup, Madison, Morrill, Nance, Nemaha, Otoe, Pawnee, Pierce, Platte, Richardson, Saline, Sarpy, Sherman, Valley, Washington, Wayne and Wheeler.