The U.S. Small Business Administration (SBA) announced it will offer low-interest federal disaster loans to small businesses and private nonprofit organizations in Wyoming affected by the drought starting January 1. The support will extend to several counties in Wyoming and neighboring regions in Colorado, Idaho, Montana, and Utah.
The SBA’s Economic Injury Disaster Loan (EIDL) program will provide financial assistance to small businesses, small agricultural cooperatives, nurseries, and private nonprofits facing economic losses due to the drought. However, agricultural producers, farmers, or ranchers are excluded, except for small aquaculture enterprises.
The EIDLs can be used for working capital needs caused by the drought, including payment of fixed debts, payroll, and accounts payable. "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
Loans can amount up to $2 million, with interest rates as low as 4% for small businesses and 3.625% for private nonprofits, payable over a period as long as 30 years. Interest on the loans does not start accumulating, and repayments aren't required until a year after the first loan is disbursed. The SBA will determine loan amounts and terms according to each applicant's financial condition.
Those interested in applying online can visit sba.gov/disaster, or contact the SBA’s Customer Service Center for more information. Completed loan applications must be submitted by November 25.
For more information about the SBA, visit their website at sba.gov.