Churches and Other Nonprofits May Rebuild with SBA Loans

MONTGOMERY, Ala. – Churches, temples, mosques and other religious centers, as well as other private nonprofit organizations in Alabama’s storm-damaged designated counties, are eligible to apply for U. S. Small Business Administration loans to help rebuild. The deadline to apply is Tuesday, July 1.

Eligible private nonprofit organizations may borrow up to $2 million at interest rates as low as 2.635 percent to repair to replace damaged or destroyed real estate, furniture, fixtures, appliances, equipment, vehicles, other assets and leasehold improvements.

The terms of the loan may be up to 30 years, making payments affordable. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interested organizations may apply before their insurance claims are settled.

The SBA may loan up to 20 percent more than the total of disaster damage to real estate and/or leasehold improvements that reduce the risk of future disaster damages.

For more information, nonprofits may call the SBA at 800-659-2955 (TTY) 800-877-8339 or visit a disaster recovery center. Applications can be downloaded from www.sba.gov. Or nonprofits may visit SBA’s secure website at https://disasterloan.sba.gov/ela to apply online for disaster loans. Registration with FEMA is also recommended; call 800-621-3362 (FEMA) or (TTY) 800-462-7585. Online registration is available at www.DisasterAssistance.gov.

Churches and other nonprofits also should investigate sources of aid from charitable agencies, volunteer groups and private donors.