The U.S. Small Business Administration (SBA) has announced that small businesses and private nonprofit organizations in Wyoming impacted by last year's summer drought have until April 28, 2025, to apply for low-interest federal disaster loans. This funding is intended to help mitigate economic losses stemming from the drought that began on August 20, 2024.
The disaster declaration extends to multiple counties in Wyoming, such as Albany, Campbell, and Carbon, and also affects regions in Montana, Nebraska, and South Dakota.
The SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and private non-profit organizations that have encountered financial challenges directly related to the drought. However, the program does not extend to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
These loans aim to cover working capital needs and can be used for purposes like paying fixed debts, payrolls, and accounts payable, notwithstanding the fact that the business did not suffer physical damages.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” stated 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.”
Eligible businesses and nonprofits can receive up to $2 million in loans, with interest rates set at 4% for small businesses and 3.25% for private nonprofits. The repayment terms can extend up to 30 years, and no interest accrues until a year after the first loan disbursement.
Those interested in applying or seeking further information can visit the SBA's website at sba.gov/disaster or contact their Customer Service Center. Applications must be submitted by the April 28 deadline.
The SBA continues to support small businesses and entrepreneurs nationwide by providing them with necessary resources to grow or recover from disasters. More information can be found on their website.