Deadline Approaches for USVI Nonprofits to Apply for TS Ernesto-Related SBA Disaster Loans

Nonprofit organizations in the U.S. Virgin Islands affected by Tropical Storm Ernesto have until December 24, 2024, to apply for federal disaster loan assistance, the U.S. Small Business Administration (SBA) announced on Monday. The storm, which occurred between August 13 and 16, caused significant damage across St. Croix, St. John, St. Thomas, and Water Island. Eligible private nonprofit (PNP) organizations, such as community centers, food kitchens, libraries, schools, and shelters, are encouraged to submit applications for physical damage loans before the deadline. PNP organizations can borrow up to $2 million to repair or replace damaged real estate, equipment, inventory, and other assets. The loans carry a 3.25% interest rate and offer repayment terms of up to 30 years. Applicants may also qualify for a loan increase of up to 20% for mitigation improvements, such as insulation, weather stripping, and storm windows, to reduce future damage risks. “SBA’s disaster loan program offe...