The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Missouri about the upcoming deadline for applying for federal disaster loans. These loans aim to alleviate economic losses caused by severe weather events, including storms, tornadoes, and flooding that occurred from May 19 to May 27, 2024. The application deadline is April 23, 2025.
This disaster declaration affects several counties across Missouri, Arkansas, Illinois, Kentucky, and Tennessee. In Missouri alone, it includes Barry, Bollinger, Butler, Cape Girardeau, Carter, Dent, Douglas, Dunklin, Howell, Laclede, Lawrence, McDonald, Mississippi, New Madrid, Newton, Oregon, Ozark, Pemiscot, Phelps, Pulaski, Reynolds, Ripley, Scott, Shannon Stoddard Stone Texas Wayne and Wright counties.
The SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses and certain nonprofit organizations with financial losses directly related to the disaster. However agricultural producers farmers or ranchers are not eligible except for small aquaculture enterprises.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster which is crucial for their recovery," said Chris Stallings associate administrator of 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."
EIDLs provide working capital for needs caused by the disaster even if there was no physical damage. These funds can be used for fixed debts payroll accounts payable and other bills that remain unpaid due to the disaster.
Eligible applicants can borrow up to $2 million with interest rates as low as 4% for businesses and 3.25% for nonprofits over terms up to 30 years. Interest does not accrue nor are payments due until one year from the first loan disbursement date. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center by calling (800) 659-2955 or emailing disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1.