The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations within the Chickasaw Nation regarding the approaching deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by severe storms that occurred on March 14–15, 2024. The application deadline is set for April 23, 2025.
This disaster declaration pertains specifically to the Chickasaw Nation, and under its provisions, SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to private nonprofits providing non-critical governmental services that experienced financial setbacks due to the disaster. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs aim to address working capital needs resulting from the disaster and are available even if no physical damage was sustained by the organization. These loans can be used for various expenses such as fixed debts, payroll, accounts payable, and other bills affected by the disaster.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery.” He added that these loans play a significant role in sustaining local economies post-disaster.
Loan amounts can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not begin accruing until one year after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial situation.
Applicants are encouraged by the SBA to submit their applications promptly as they will be processed in order of receipt. The SBA assures commitment to efficient processing of these applications.
For online applications or more information on SBA disaster assistance, applicants can visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by April 23.