The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Oregon of the upcoming deadline to apply for federal disaster loans. These loans aim to help offset physical damage caused by wildfires that occurred between July 10 and August 23, 2024. The deadline for application submissions is March 3, 2025.
This disaster declaration applies to the counties of Gilliam, Grant, Umatilla, Wasco, and Wheeler. Private nonprofits that provide services similar to those of governmental nature are eligible to apply for business physical disaster loans. Eligible organizations may borrow up to $2 million to repair or replace damaged real estate, machinery and equipment, inventory, and other business assets.
Applicants may qualify for a loan amount increase of up to 20% of their verified physical damages for mitigation purposes. Suggested improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows.
Interest rates on these loans can be as low as 3.25%, with repayment terms extending up to 30 years. No interest accrues nor are payments due until one year after the first loan disbursement. The SBA determines loan amounts based on each applicant’s financial condition.
In addition to physical disaster loans, private nonprofits can apply for Economic Injury Disaster Loans (EIDLs) to address working capital needs such as fixed debts, payroll, accounts payable, and other expenses that could have been covered if the disaster had not occurred. EIDL assistance is available regardless of whether there was any physical property damage.
The SBA advises applicants to submit their applications promptly as they will be processed in the order received. More information and online applications are available at SBA.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For individuals who are deaf or hard of hearing or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
The deadline for submitting applications related to economic injury is October 1.
The U.S. Small Business Administration supports small businesses through resources aimed at starting, growing, expanding businesses or recovering from declared disasters via its network of field offices and partnerships with public and private entities.