The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Montana about the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses due to the drought that began on June 1, 2024. The application deadline is April 7, 2025.
The disaster declaration affects several counties in Montana, including Beaverhead, Broadwater, Deer Lodge, Flathead, Gallatin, Glacier, Granite, Jefferson, Lake, Lewis and Clark, Lincoln, Madison, Missoula, Pondera, Powell, Ravalli, Sanders, Silver Bow and Teton. It also covers Clark, Fremont, Idaho and Lemhi counties in Idaho.
Under this declaration by the U.S. Secretary of Agriculture's authority through SBA’s Economic Injury Disaster Loan (EIDL) program is available for small businesses and private nonprofits with financial losses directly linked to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they are small aquaculture enterprises.
Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added: “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
These loans can reach up to $2 million with interest rates starting at 4% for small businesses and 3.25% for private nonprofits. The terms can extend up to 30 years. Interest does not accrue until a year after the first loan disbursement.
Applications can be submitted online at SBA.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Those who are deaf or hard of hearing can use telecommunications relay services by dialing 7-1-1.
The SBA emphasizes that completed loan applications must be submitted no later than April 7.