The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Wyoming about the upcoming deadline for applying for federal disaster loans. These loans aim to offset economic losses resulting from the drought that began on August 19, 2024. The application deadline is April 21, 2025.
This disaster declaration encompasses several counties: Albany, Goshen, Laramie, and Platte in Wyoming; Larimer and Weld in Colorado; and Banner and Kimball in Nebraska.
The SBA's Economic Injury Disaster Loan (EIDL) program offers assistance to small businesses, agricultural cooperatives, nurseries, and PNPs affected by financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs are designed to cover working capital needs stemming from the disaster even if no physical damage occurred. Businesses can use these loans for fixed debts, payroll, accounts payable, and other unpaid bills caused by the drought.
"Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," stated 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 starting at 4% for small businesses and 3.25% for PNPs. The terms extend up to 30 years with interest not accruing nor payments due until one year after disbursement. Loan amounts and terms depend on each applicant’s financial condition.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for further information on disaster assistance programs. Telecommunications relay services are available through dialing 7-1-1 for those who are deaf or hard of hearing.
Applications must be submitted by April 21.