MARCH 29, 2013 DEADLINE TO APPLY!
Faith-Based Organizations and Places of Worship are among the nonprofits eligible to apply for low-interest disaster loans from the SBA.
What Types of Disaster Loans are Available?
- Physical Disaster Loans to repair or replace disaster-damaged property owned by the organization, including real estate, furniture/fixtures, machinery & equipment.
How Much Can the Organization Borrow?
- Up to $2 million for physical property losses.
What are Requirements for Loan Approval?
- Repayment – Organizations must show the ability to repay all loans.
- Collateral – Collateral is required for physical loans over $14,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but may require one to pledge what is available.
What are the Interest Rates?
- Rates as low as 3% with terms up to 30 years.
The following documents may be requested upon receipt of a loan application:
- Articles of Incorporation, By-Laws, Organization’s Charter, if applicable
- Board of Directors Resolution giving approval to apply to the SBA for a disaster loan.
- Complete copies of the organization’s three most recent non-profit tax returns OR a copy of the organization’s IRS tax-exempt certification and complete copies of the organization’s three most recent financial statements.
- A current Balance Sheet and Profit and Loss Statement dated within 90 days of the application.
- Documents for compensation of disaster damages from insurance or other sources, such as grants.