The U.S. Small Business Administration (SBA) issued a reminder to small businesses and private nonprofit organizations in Idaho about the upcoming deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by drought conditions, which began on August 20, 2024. Eligible applicants have until April 28, 2025, to submit their applications.
The declaration covers several counties in Idaho, including Butte, Clark, Custer, Idaho, Lemhi, and Valley. It also encompasses Beaverhead and Ravalli counties in Montana.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program provides financial assistance to small businesses, small agricultural cooperatives, nurseries, and private nonprofits impacted by economic losses from the drought. However, the SBA specifies that these loans are not available to agricultural producers, farmers, or ranchers, unless they are small aquaculture enterprises.
Chris Stallings, associate administrator of the SBA's Office of Disaster Recovery and Resilience, stated, "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."
EIDLs provide funds for working capital needs without requiring any physical damage to the premises. The loans can be used to cover fixed debts, payroll, accounts payable, and other expenses affected by the drought. The maximum loan amount is $2 million, with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Loan terms can extend up to 30 years, with no interest accrual or payments due until 12 months after the first disbursement.
Applications can be completed online at sba.gov/disaster. Additional information can be obtained by contacting SBA’s Customer Service Center or emailing disastercustomerservice@sba.gov. Those with hearing or speech disabilities can use telecommunications relay services by dialing 7-1-1.
The SBA plays a significant role in supporting small businesses across the United States through a network of field offices and partnerships.