The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Indiana about the approaching deadline of April 17, 2025, to apply for federal disaster loans. These loans are intended to offset economic losses resulting from severe storms and tornadoes that occurred on June 25, 2024.
The disaster declaration includes several counties in Indiana: Brown, Clay, Greene, Jackson, Lawrence, Monroe, Morgan, Owen, Parke, Sullivan, Vermillion, and Vigo. It also covers Edgar and Clark counties in Illinois.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, the SBA cannot provide disaster loans to agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
These EIDLs cater to working capital needs caused by the disaster. They can be used even if there was no physical damage to the business or nonprofit. The funds may cover fixed debts, payroll expenses, accounts payable, and other bills that were not paid due to the disaster.
“SBA loans help eligible small businesses cover operating expenses after a disaster," stated Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Loan amounts can reach up to $2 million with interest rates starting at 4% for small businesses and 3.25% for private nonprofits. Terms extend up to 30 years with interest accrual and payments deferred until one year after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial situation.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. For individuals who are deaf or hard of hearing or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
The deadline for returning economic injury applications is April 17, 2025.
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