SBA offers drought relief loans to Missouri small businesses and nonprofits

SBA offers drought relief loans to Missouri small businesses and nonprofits

Economics
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Dilawar Syed SBA Deputy Administrator | www.sba.go

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The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are now available to small businesses and private nonprofit organizations in Missouri, facing economic losses due to the drought that began on November 1, 2024.

The disaster declaration affects a number of counties in Missouri, including Barry, Bates, Benton, Boone, Callaway, Camden, Cass, Cedar, Christian, Cole, Cooper, Dade, Dallas, Douglas, Gasconade, Greene, Henry, Hickory, Jasper, Johnson, Laclede, Lawrence, Maries, Miller, Moniteau, Morgan, Newton, Osage, Pettis, Phelps, Polk, Pulaski, St. Clair, Stone, Vernon, Webster, and Wright, as well as Linn and Miami in Kansas.

As per the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial impacts directly linked to the drought. However, the program does not extend to agricultural producers, farmers, or ranchers, except for small aquaculture operations.

EIDLs are intended for working capital needs resulting from the disaster. The loans can be used for fixed debts, payroll, accounts payable, and other expenses unpaid due to the disaster. Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover. We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

Loan amounts can reach up to $2 million, with interest rates set at 4% for small businesses and 3.625% for private nonprofits, and terms extending up to 30 years. Interest will not accrue, nor are payments required, until one year after the first loan disbursement. Each applicant’s financial condition will determine the loan amounts and terms.

To apply, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov. For those who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.

Completed loan applications must be submitted to the SBA by November 25.

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