SBA Relief Still Available to the Native Village of Kipnuk Businesses and Private Nonprofits Affected by the August 2024 Severe Storm and Flooding

WASHINGTON - The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in the Native Village of Kipnuk of the June 8 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Aug. 16 - 18, 2024.

The declaration covers the Native Village of Kipnuk.

Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible businesses, small agricultural cooperatives, and PNPs - including faith-based organizations - impacted by financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

"Through a rural declaration, SBA provides financial assistance to help rural communities recover," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "We offer disaster loans to homeowners, renters, businesses and private nonprofits affected by the disaster."

The loan amount can be up to $2 million with interest rates as low as 4% for businesses and 3.25% for PNPs with terms of up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit 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.

Submit completed loan applications to the SBA no later than June 8. However, after the deadline has passed, there is a 60-day grace period in which SBA will accept applications.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov.