The U.S. Small Business Administration (SBA) has issued a reminder for small businesses and private nonprofit organizations in Kansas regarding the upcoming deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by the drought that began on May 7, 2024. The deadline for applications is March 10, 2025.
This disaster declaration covers several counties in Kansas, including Finney, Grant, Greeley, Hamilton, Haskell, Kearny, Morton, Stanton, Stevens, and Wichita. It also includes Baca and Prowers counties in Colorado.
The SBA's Economic Injury Disaster Loan (EIDL) program is accessible to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations that have experienced financial losses due to the drought. However, the program does not extend disaster loans to agricultural producers, farmers or ranchers unless they are aquaculture enterprises.
The EIDLs are designed to meet working capital needs arising from the disaster and can be utilized even if no physical damage occurred. These loans may cover expenses such as fixed debts, payrolls, accounts payable and other bills that would have been met had the drought not happened.
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofits. The loan terms can extend up to 30 years with interest accruing only after 12 months from the date of the first disbursement. Loan amounts and terms are determined based on each applicant's financial situation.
Interested applicants can apply online at SBA.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for further information on disaster assistance options available through the SBA. 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.
All completed loan applications must be submitted by March 10.