Certain private nonprofit organizations (PNPs) in Massachusetts may be eligible to apply for low-interest rate disaster loans provided by the Small Business Administration (SBA).

These loans are available following a presidential disaster declaration for public assistance resulting from damages caused by a severe winter storm and snowstorm that occurred on Jan. 11 – Jan. 12, according to a statement.

"PNP organizations are urged to contact their state emergency management agency to obtain information about local briefings," said Frank Skaggs, director of SBA field operations center east in Atlanta. "At the meeting, PNP representatives will need to provide information about their organization."

PNPs located in Berkshire, Essex, Hampshire, Middlesex, Norfolk and Suffolk counties are eligible to apply for a loan from the SBA, according to a statement. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

PNP organizations 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.

SBA Offering Disaster Assistance To Private Nonprofits In Mass.

by Banker & Tradesman time to read: 1 min
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