Working Capital Still Available to Maine Nonprofits Hit by January Storm: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

ATLANTA - The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Maine of the Dec. 23 filing deadline to apply for Economic Injury Disaster Loans (EIDLs) for losses due to severe storms and flooding on Jan. 9-13.

Eligible PNP organizations in Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York 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.

"Working capital loans from the SBA are essential to eligible nonprofit organizations affected by the incident," said Francisco Sánchez, Jr. ,associate administrator for Office of Disaster Recovery and Resilience at the SBA. "These loans help sustain local economies when a disaster occurs."

The SBA offers EIDLs to help eligible non-critical PNP organizations meet their working capital needs such as ongoing operating expenses. EIDL assistance is available regardless of whether the organization suffered any physical property damage. Loan amounts can be up to $2 million with an interest rate of 3.25% and terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to submit economic injury applications is Dec. 23, 2024.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]