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SBA Disaster Assistance Available To Private Nonprofit Organizations In Rhode Island

ATLANTA, April 2, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that certain Private Non-Profit Organizations in Rhode Island that do not provide critical services of a governmental nature may be eligible to apply for low interest rate disaster loans.  These loans are available as a result of a Presidential disaster declaration for Public Assistance resulting from damages caused by severe winter storm and snowstorm on Feb. 8-9, 2013.

(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

PNPs located in Bristol, Kent, Newport, Providence and Washington counties in Rhode Island  that provide non-critical services are eligible to 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.

"PNP organizations are urged to contact the Rhode Island Emergency Management Agency to obtain information about applicant briefings.  At the meeting, PNP representatives will need to provide information about their organization," said Frank Skaggs, director of SBA Field Operations Center East in Atlanta. The information will be used to submit a Request for Public Assistance, which FEMA uses to determine if the PNP provides an essential governmental service and meets the definition of a "critical facility." Based upon that conclusion, FEMA may provide the PNP with a Public Assistance reimbursement grant for their eligible costs or refer the PNP to SBA for disaster loan assistance.

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 interest rate is 2.875 percent with terms up to 30 years.  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.

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