The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Montana of the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by the drought that began on May 15, 2024. The application deadline is March 17, 2025.
This disaster declaration includes several counties in Montana: Flathead, Granite, Lake, Mineral, Missoula, Powell, Ravalli, and Sanders. It also covers Clearwater and Idaho counties in Idaho.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that experienced financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
These EIDLs can be used for working capital needs resulting from the drought and are available even if there was no physical damage to the business or nonprofit organization. The funds may cover fixed debts, payrolls, accounts payable, and other expenses that could have been managed if not for the disaster.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue until a year after the first loan disbursement. The SBA determines loan terms based on each applicant's financial condition.
Applications can be submitted online at SBA.gov/disaster. Additional information is available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed applications must be submitted by March 17.