SBA deadline for Watch Fire property damage aid nears
Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded private nonprofit organizations in the San Carlos Apache Tribe of the Dec. 3, deadline to apply for an SBA federal disaster loan for property damage caused by Watch Fire that occurred July 10-17. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to Sánchez, eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until July 7, 2025, to apply for an SBA Economic Injury Disaster Loan.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
The interest rate is 3.25 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
