SBA Urges Eligible Virgin Islands Nonprofits to Apply for Disaster Loans Ahead of July 25 Deadline
The U.S. Small Business Administration urges private nonprofits in the U.S. Virgin Islands to apply for economic injury disaster loans by July 25, while clarifying rules for those also seeking FEMA aid in the wake of Tropical Storm Ernesto’s impact.
2025-06-26 18:57:58 - VI News Staff
The U.S. Small Business Administration is reminding private nonprofit (PNP) organizations in the U.S. Virgin Islands that they have until July 25, 2025 to apply for low-interest federal Economic Injury Disaster Loans (EIDLs). These loans are intended to help offset financial losses caused by Tropical Storm Ernesto, which struck the territory from August 13–16, 2024.
The declaration covers the islands of St. Croix, St. John, St. Thomas, and Water Island, and applies to PNPs that provide non-critical services of a governmental nature. Eligible entities include—but are not limited to—food kitchens, homeless shelters, libraries, community centers, schools, and colleges.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, Associate Administrator of the SBA’s Office of Disaster Recovery and Resilience. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million, with interest rates as low as 3.25% and repayment terms of up to 30 years. Notably, interest will not begin to accrue, nor will payments be due, until 12 months after the first loan disbursement.