The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Wyoming about the deadline to apply for federal disaster loans. These loans are available to address the economic impact of the drought that began on July 9, 2024. The deadline for applications is May 5, 2025.
The disaster declaration pertains to several counties across four states: Albany, Campbell, Carbon, Converse, Crook, Laramie, Natrona, Platte, and Weston in Wyoming; Jackson and Larimer in Colorado; Carter and Powder River in Montana; and Butte and Lawrence in South Dakota.
Eligible entities under this declaration include small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations directly affected by the disaster. It is noted that agricultural producers, farmers, or ranchers are not eligible for these loans unless they are small aquaculture enterprises.
These Economic Injury Disaster Loans (EIDLs) are meant for the working capital needs of applicants and can be used for expenses such as fixed debts, payroll, and accounts payable. There is no requirement for the borrower to have suffered physical damage to qualify for a loan.
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.”
The maximum loan amount is $2 million, with interest rates set at 4% for small businesses and 3.25% for private nonprofits. Loan repayment terms can extend up to 30 years, with interest accrual and repayment deferred for 12 months from the initial loan disbursement. Loan conditions are determined by each applicant's financial situation.
Submissions can be made online via the SBA website. Additional information can be obtained by contacting SBA’s Customer Service Center. Applications must be submitted by the May 5 deadline.
The U.S. Small Business Administration is dedicated to supporting small businesses with resources and support to help them recover from declared disasters. More information about the organization and its services is available on their website.