The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations in Montana about the upcoming deadline for applying for federal disaster loans. These loans aim to alleviate economic losses resulting from severe winter storms and flooding that occurred between May 6-9, 2024.
This disaster declaration encompasses several counties, including Blaine, Chouteau, Fergus, Hill, Judith Basin, Petroleum, Pondera, Teton, Toole, Wheatland. It also covers the Rocky Boy’s Indian Reservation and the Fort Belknap Indian Community.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to nonprofits offering non-critical governmental services that experienced financial setbacks due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These loans are intended for working capital needs caused by the disaster and can be obtained even if no physical damage was incurred. The funds may cover fixed debts, payroll expenses, accounts payable, and other bills impacted by the event.
Interest rates on these loans can be as low as 3.25%, with terms extending up to 30 years. Interest does not accrue nor are payments required until one year after the first loan disbursement. The SBA determines loan amounts based on each applicant's financial status.
Interested parties can apply online at SBA.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for more information regarding disaster assistance. Individuals who are deaf or hard of hearing should dial 7-1-1 for telecommunications relay services.
Applications must be submitted by April 18.