New York, NY - Congressman Charles B. Rangel urged private non-profit (PNP) organizations to submit their disaster loan applications for damages in New York to the Small Business Administration (SBA).  These loans are available as a result of a Presidential disaster declaration for Public Assistance resulting from damages caused by Hurricane Sandy that devastated the North Eastern regions on October 27, 2012.

“I encourage all non-profit groups in our City to take advantage of these federal disaster relief loans,” Rangel said.  “These loans will assist in the recovery effort for organizations that were affected by one of the most severe storms our region has ever faced."

PNP organizations, which include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges, may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.  The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to PNP organizations of all sizes.  Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.

“It is vital that we give our community organizations the financial support that they need to continue to be effective,” Rangel continued.  “I commend them for their hard work and dedication. These organizations were at the frontlines in the aftermath of Hurricane Sandy and need our help to rebuild themselves. ”

Interest rates are as low as three percent with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov. Applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

The filing deadline to return applications for physical property damage is January 2, 2013.  The deadline to return economic injury applications is August 5, 2013.