Small businesses and private nonprofit organizations in Indiana have until April 23, 2025, to apply for federal disaster loans from the U.S. Small Business Administration (SBA) to mitigate economic losses following severe storms and tornadoes on July 9, 2024. The assistance is aimed at those affected in Gibson, Knox, Pike, Posey, Vanderburgh, and Warrick counties in Indiana. Businesses in Gallatin, Wabash, and White counties in Illinois, and Henderson and Union counties in Kentucky, are also eligible under this declaration.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers financial support to small businesses, small agricultural cooperatives, and private nonprofits that sustained financial losses due to the storms. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, noted, "SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery. 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."
The EIDLs are intended for working capital necessities and can cover fixed debts, payroll, accounts payable, and other expenses resulting from the disaster—even if no physical damage occurred. Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms may extend up to 30 years, with payments and interest deferred for the first year after disbursement. The loan terms are determined based on the financial condition of the applicant.
To apply for the loans, businesses can visit sba.gov/disaster or contact the SBA’s Customer Service Center. Special provisions are available for individuals with hearing or speech disabilities via telecommunications relay services.
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