Alaska borough flooding opens SBA loan assistance window
Published Date: 3/19/2025
Notice
Summary
A severe storm and flooding hit the Northwest Arctic Borough in Alaska from October 20-23, 2024, leading to a disaster declaration on March 13, 2025. Residents, businesses, and nonprofits in this rural area can now apply for low-interest disaster loans to help recover. Physical damage loan applications are due by May 12, 2025, and economic injury loans by December 15, 2025.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Homeowner Disaster Loans Available
If you live in the Northwest Arctic Borough, you can apply for SBA physical disaster loans for damage from the severe storm and flooding on October 20–23, 2024. Physical damage loan applications are due by May 12, 2025. Interest rates for homeowners are 5.625% if you have credit available elsewhere and 2.813% if you do not.
Business and Nonprofit Physical Damage Loans
Businesses and nonprofit organizations in the Northwest Arctic Borough can apply for SBA physical disaster loans for damage from the October 20–23, 2024 storm and flooding. Physical damage loan applications are due by May 12, 2025. Interest rates are 8.000% for businesses with credit available elsewhere, 4.000% for businesses without credit available elsewhere, and 3.250% for nonprofit organizations (with or without credit available elsewhere as listed).
Economic Injury (EIDL) Loans Offered
Businesses, small agricultural cooperatives, and nonprofit organizations in the Northwest Arctic Borough may apply for Economic Injury Disaster Loans (EIDL) related to the October 20–23, 2024 disaster. EIDL applications are due by December 15, 2025. Interest rates listed are 4.000% for businesses and small agricultural cooperatives without credit available elsewhere, and 3.250% for nonprofit organizations without credit available elsewhere.
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