The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for Oregon businesses, nonprofits, and residents affected by wildfires that occurred from July 10 to August 23, 2024. This announcement follows a disaster declaration requested by Governor Tina Kotek on February 25, 2025.
The declaration includes Wheeler County in Oregon. Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Homeowners may apply for up to $500,000 for their primary residence repairs and renters can borrow up to $100,000 for personal property.
Applicants might qualify for an additional loan increase of up to 20% of their verified physical damages for mitigation purposes. "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage," stated Chris Stallings from the SBA's Office of Disaster Recovery and Resilience.
The Economic Injury Disaster Loan (EIDL) program offers support to eligible small businesses and nonprofits impacted financially by the disaster but excludes agricultural producers except aquaculture enterprises. These loans provide working capital needs even if no physical damage was incurred.
Interest rates are as low as 4% for businesses, 3.25% for nonprofits, and 2.688% for homeowners and renters with terms extending up to 30 years. Payments are deferred until one year after the first loan disbursement based on each applicant's financial condition.
From March 17 onwards, SBA customer service representatives will assist at a Virtual Disaster Loan Outreach Center during weekdays from 8:00 a.m. – 4:30 p.m., available via email at FOCWAssistance@sba.gov or phone at (916) 735-1501.
The SBA urges applicants to submit applications promptly as they will be processed in order received with priority given accordingly. The deadline for returning physical damage applications is May 12 while economic injury applications must be submitted by December 15.
For more information on applying online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov.
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