Low-Interest Loans for NY Nonprofits Affected by Severe Storms

Hey New York nonprofit leaders, if your organization was impacted by the severe storms, tornadoes, and flooding that hit on July 10th-11th, 2024, the U.S. Small Business Administration (SBA) wants to remind you of an important deadline coming up.

What’s at Stake?

The SBA is offering low-interest Economic Injury Disaster Loans (EIDLs) to eligible private nonprofit organizations (PNPs) in affected counties in New York, which include Cortland, Essex, Hamilton, Lewis, and St. Lawrence.

These loans are designed to help organizations that provide non-critical services like food kitchens, homeless shelters, libraries, and schools get back on their feet after the disaster caused financial problems.

What Can These Loans Be Used For?

These EIDLs are available even if your organization didn’t suffer physical damage. The goal here is to help nonprofits cover essential operating costs that were impacted by the disaster. This includes things like payroll, accounts payable, and other unpaid bills that have piled up. It’s all about getting the financial relief needed to keep your services running.

Loan Details: What’s on the Table?

Here’s good news. These loans come with interest rates as low as 3.25% and terms that can last up to 30 years. Plus, the first payment won’t even be due until 12 months after the first loan disbursement! For those of you who need extra working money to keep things going, this is your chance.

Don’t Miss the Deadline!

The deadline to apply for these disaster loans is May 29th, 2025. So, make sure you apply before then to get the support you need. Applying is easy. Just head to the SBA’s disaster loan application page at sba.gov/disaster to get started. If you need help, you can reach out to the SBA’s Customer Service Center at (800) 659-2955 or send them an email at disastercustomerservice@sba.gov.