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 are intended to offset economic losses resulting from severe weather conditions, including excessive rain, flash flooding, hail, high winds, and lightning that occurred on July 13, 2024.
The disaster declaration affects several counties: Carter, Custer, Fallon, and Powder River in Montana; Butte and Harding counties in South Dakota; and Crook County in Wyoming.
Eligible entities under this declaration can access the SBA’s Economic Injury Disaster Loan (EIDL) program. This program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that have experienced financial losses due to the disaster. However, it does not extend to agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
EIDLs provide working capital for needs arising from the disaster. They can be used for fixed debts, payroll obligations, accounts payable, and other bills that could not be paid because of the event. Physical damage is not a prerequisite for loan eligibility.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofits. Terms may extend up to 30 years with no interest accrual or payments required until one year after the first loan disbursement date. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applications can be submitted online at SBA.gov/disaster or through contact with SBA’s Customer Service Center via phone at (800) 659-2955 or email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed applications must be submitted by April 7.